Try GOLD - Free
ASIC sues Australian Unity
Financial Standard
|June 16, 2025
ASIC is suing Australian Unity Funds Management for allegedly failing to ensure retail investors fit the suitable target market for its investment product, the Select Income Fund.
-
ASIC is looking at the period between 5 October 2021 and 5 October 2023, when Australian Unity, the responsible entity of the fund, made three Target Market Determinations (TMDs) identifying the class of suitable investors for the fund.
Australian Unity gave prospective investors a questionnaire to determine whether a potential non-advised investor was within the fund's defined target market.
For the first half of the relevant period, the questionnaire was only provided to online applicants. From September 2022, paper applicants were also asked to complete it.
This story is from the June 16, 2025 edition of Financial Standard.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Financial Standard
Financial Standard
Opportunities abound
The past 12 months have been nothing if not eventful; just about every corner of the wealth management sector has been under the pump in one way or another, a period of dynamic change.
2 mins
December 01, 2025
Financial Standard
Sequoia chair boasts of 'good governance', despite ASIC action
Sequoia Financial Group's chair has told shareholders that “good governance remains central” to how it operates and confirmed it is in talks with Netwealth and Macquarie over their decision to bar InterPrac advisers.
1 mins
December 01, 2025
Financial Standard
Aware, Barings spin off BTR
Aware Super and Barings are turning their build-to-rent (BTR) portfolio into a standalone brand named WeAreLiving, aiming to grow the platform to $2 billion in the next five years.
1 min
December 01, 2025
Financial Standard
Interprac sued over failures
ASIC is taking Interprac Financial Planning to court over its failure to ensure representatives acted in clients' best interests. It's also been accused of lacking adequate risk management systems.
2 mins
December 01, 2025
Financial Standard
Advisers want to boost client book by 36%: CFS
While financial advisers have marginally increased the number of clients on their books to 112 on average, they aspire to serve 36% more, a new Colonial First State (CFS) finds.
1 mins
December 01, 2025
Financial Standard
Australia's AI game is on
Over recent weeks, artificial intelligence (AI) companies have attracted attention for less favourable reasons.
1 mins
December 01, 2025
Financial Standard
Five reasons the regulator is looking at the managed accounts sector
The managed account industry has grown from niche to mainstream in just a few years. What began as an efficient way to scale portfolio management has evolved into a multi-billion-dollar ecosystem spanning platforms, asset managers, and advisers. But with that success comes scrutiny, and it's no surprise that the regulator is now circling. Here are five reasons why.
2 mins
December 01, 2025
Financial Standard
Insurer acquires stake in Barings
MS&AD Insurance Group Holdings, via subsidiary Mitsui Sumitomo Insurance Co., will acquire 18% of Barings from MassMutual. MassMutual will continue to own 82%.
1 min
December 01, 2025
Financial Standard
First Sentier combines affiliates
A decade on from separating the two, First Sentier Group is merging Stewart Investors and FSSA Investment Managers back together.
1 min
December 01, 2025
Financial Standard
Talent crunch lifts base salaries for advisers
The shortage of financial advisers is seeing firms increasingly raise base salaries by as much as $50,000, according to a report by Kaizen Recruitment.
2 mins
December 01, 2025
Listen
Translate
Change font size