We refer to your investor transaction account and the related services provided by Pershing Securities Australia Pty Ltd (Pershing), and in particular to the Pershing client trust account (Trust Account) currently held at Westpac Bank into which you deposit funds to settle your investments.
Pershing can no longer facilitate/accept the deposit of funds into the Trust Account in the form of cash and cheques over-the-counter in bank branches or via automated telling machines (ATMs), either by us or by you.
Effective 14 September 2020, funds deposited into the Trust Account via the methods referred to above will remain in the Trust Account as unverified funds and will not be credited to your account. Pershing will return any such funds to your bank account as soon as practicable. We appreciate your understanding and acknowledgment of these requirements.
Pershing has updated its Financial Services Guide to reflect these changes, these can be found under the Stockbroking & Research tab, Administration Forms.
If you have any questions regarding the above, please contact your Adviser.