Diversa hit with additional licence conditions

APRA has imposed additional licence conditions on Diversa Trustees in the wake of the Shield and First Guardian collapses.

- Eliza Bavin

APRA said it has concerns relating to Diversa's investment governance frameworks and practices, including oversight of platform investment options made available to members.

This comes in the wake of ASIC launching legal action against Diversa for its role in the collapse of the First Guardian Master Fund.

ASIC alleges Diversa failed to conduct adequate due diligence before allowing its members to invest and failed to conduct adequate ongoing monitoring. Diversa said it would "vigorously defend” itself against ASIC's action.

Likewise, Diversa said it “does not accept” the conclusions APRA has drawn.