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Australian Unity cops fine for TMD, DDO failures
Financial Standard
|February 09, 2026
Australian Unity Funds Management (AUFM) admitted it breached design and distribution obligations (DDO) regarding its Select Income Fund and has been slapped with a $7.125 million fine by the Federal Court.
Hundreds of retail investors were led to believe they were able to invest in the fund even though the product may not have been suitable for them under three Target Market Determinations (TMDs).
Australian Unity, as the responsible entity of the fund, admitted in court that it failed to take reasonable steps to ensure interests in the fund were only distributed to investors who matched the criteria outlined in the TMDs.
On 89 occasions Australian Unity said it issued units without requiring investors to submit, as part of their application, a completed questionnaire. This was to determine if they were within the target market described in the TMDs.
Dit verhaal komt uit de February 09, 2026-editie van Financial Standard.
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