New Times Editor & Communications Officer Catherine Hoffman shares a final editorial and announces that she will be leaving the Uniting Church SA office on Friday 15 June.
UC Invest welcomes a new era
Posted in News
On Wednesday 24 January, the Australian Securities and Investments Commission (ASIC) approved UC Invest’s application for an Australian Financial Services License (AFSL).
For 40 years, UC Invest has provided investment services to the Uniting Church community as an activity of the Uniting Church SA.
In 2017, UC Invest established a new company, Uniting Church SA Investment Fund Ltd (UCSAIF), and applied for an AFSL to run the UC Invest business on behalf of the Uniting Church SA.
From 1 April 2018, UC Invest will operate as a business within the UCSAIF.
These changes mean that investors will need to transfer their accounts to UCSAIF prior to 31 March 2018 in order to continue investing with UC Invest. Both personal and retail investors have been provided with information about the changes and forms detailing the transfer process.
While UC Invest is undergoing structural changes, the people involved will remain largely unchanged. The UCSAIF Committee members are the same people who are members of the Uniting Church Investment Committee, and frontline UC Invest staff will also remain the same.
“Although the legal structure may be changing, it is business as usual. The service will be the same, and the same skilled people will be providing the governance oversight of UC Invest,” explains Investment Services Manager Paul Barnett.
“All investor accounts held in UCSAIF will continue to be financially backed by the investment resources of the Uniting Church SA.”
Uniting Church SA Moderator Rev Sue Ellis prepared the following message about these changes:
For more than 40 years, Uniting Church people and organisations have been supporting their Church by investing with UC Invest. This support has grown to such a level that UC Invest grants over $2 million every year to the Mission & Service Fund of the Uniting Church SA. This generous gift enables many services within the whole Church to be funded.
Without the grant, we would not have the paid staff we need with expertise in areas like chaplaincy, pastoral care, the Secretariat, UnitingCare support, payroll, finance, and property. All these workers contribute to the bringing of the Kingdom of Heaven through the work and witness of the Uniting Church in South Australia.
Due to new Government Policy, UC Invest now needs to make some substantial changes to continue to provide investment services.
I have full confidence in the ability of both the Uniting Church SA Investment Fund Ltd Committee and the Synod’s Investment Services personnel to respond to the changes, and to ensure the continuity of services we appreciate so much.
I am writing to thank you for your ongoing support of UC Invest. Through your support, much has been achieved that has secured our church for the future.
I would also like to recommend that you continue that support, by transferring your investment into the new legal structure, by signing the forms UC Invest have sent out that will ensure this happens.
I commend to you the new legal structure that UC Invest has adopted in response to Government regulation.
By transferring your investment you will be continuing to help yourself, our Church and community for many years to come.
For more information about the changes, please contact UC Invest on 1300 274 151 or email email@example.com
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