Trident Investment Management cops ASIC fine
The corporate regulator has penalised Trident Investment Management for making potentially misleading statements to the market.
The fund manager, which is the “Australian financial services representative for Australian Mutual Holdings Limited”, according to an ASIC statement, has been issued with an infringement notice and a $10,200 fine.
“ASIC's recent concerns related to Trident's promotion on its website that the [Trident] Income Fund had achieved returns of 9.27 per cent for the six-month period ending 30 June 2013,” the statement said.
“ASIC was concerned that the returns were false or misleading, as Trident failed to include the Income Fund's negative capital growth.
“This meant that the actual returns were significantly lower than 9.27 per cent.”
Trident’s parent company was issued with a number of similar infringement notices in April 2014.
Advice firms on notice with new complaints handling standards
The corporate regulator will be focusing heavily on the internal dispute resolut...
Advisers still the ‘ultimate advice solution’: CFS
Despite the spread of managed accounts for firms looking to build transparent an...
Finance sector at most risk of data breaches
The Notifiable Data Breaches scheme review has found that the finance sector is ...