ASIC seeks wind-up of WA funds manager
The Australian Securities and Investments Commission (ASIC) has begun civil proceedings in the Federal Court seeking the winding up of a West Australian funds management company, Finchley Central Funds Management.
The regulator announced today that it was seeking orders from the Federal Court to have the company wound up and a liquidator appointed.
It said Finchley was the responsible entity of a registered managed investment scheme known as Finchley Development Capital Funds (FDCF) and that within FDCF there were two active trusts that had raised funds from retail investors – the Gilead Trust and the Riverside Trust.
The regulator said it had alleged to the court that it was just and equitable that Finchley be wound up because it and its officers had failed and continue to fail to comply with their obligations under the law and because a winding up order would allow the company and its trusts to be overseen and supervised by an independent party, which would assist in the protection of investors’ interests.
It said it had initiated proceedings as a result of an ongoing investigation into the conduct of Finchley and its officers.
AUTHOR
Mike Taylor
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
