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
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
