ASIC pulls up Tyndall
Tyndall Investment Management has made an enforced undertaking to the Australian Securities and Investment Commission (ASIC) over unit pricing errors.
ASIC identified a number of compliance deficiencies in a routine surveillance of Tyndall's managed investment schemes. It found that Tyndall had made several unit pricing errors and that the compliance committee for some investment schemes had not met in the prescribed timeframe.
The securities watchdog says it was particularly concerned that the breaches were neither reported to the Tyndall Board, nor to ASIC.
"While investors were fully compensated for the unit pricing errors identified, we are concerned that Tyndall did not have sufficient compliance procedures in place," says ASIC national director financial services regulation Ian Johnston.
Johnston says Tyndall has undertaken to appoint two external consultants. One will conduct a review of its unit pricing, while the other consultant will review its compliance arrangements. The Tyndall Board has also undertaken to provide a written report to ASIC each quarter for the next two years confirming that Tyndall is complying with the terms of the enforceable undertaking and the Corporations Law.
The watchdog says that if any more investors are identified as having suffered from unit pricing errors, then these investors will be notified and compensated.
Tyndall has been part of the Royal and SunAlliance group since 1999, which now manages more than $6.8 billion in funds.
AUTHOR
Lachlan Gilbert
Recommended for you
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
Zenith Investment Partners has launched a range of new managed account portfolios over the past quarter, including on Insignia Financial’s Expand platform.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
