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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.
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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.
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