Regulatory Alerts2025-10-03
ASIC alleges governance failures and misleading conduct by ESG fund manager Fiducian Investment Management Services Limited
ASIC has launched civil penalty proceedings in the Supreme Court of NSW against Fiducian Investment Management Services Limited for breaching its duties as a responsible entity and engaging in misleading conduct regarding its Diversified Social Aspirations Fund. The regulator alleges that the fund manager failed to act with care and diligence by not validating ESG claims, ignoring investor complaints about prohibited holdings, and failing to monitor underlying investments for over nine years. ASIC is seeking declarations, pecuniary penalties, and adverse publicity orders to enforce high governance standards for sustainability-related representations in investment products.
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