Huntley Management charged over misleading advertising
Formerly Morningstar-owned Huntley Management has been issued a $50,000 fine for falsely advertising that its investment projects were Australian Securities and investments Commission (ASIC)-approved.
Huntley Management has admitted to the false and misleading advertising and consented to the two declarations made by the Federal Court. The firm will now pay ASIC’s litigation costs.
“'Huntley's projects had not been approved by ASIC. It was true that the schemes were registered with ASIC but…. I do not think that this is remotely what the word 'approved' conveys,” His Honour Justice Perram said in the Federal Court judgment.
Huntley Management was previously issued two infringement notices for false advertising in 2015 and was issued civil penalty proceesings in September 2016 after failure to pay infringement notices.
AUTHOR
Hope William-Smith
Recommended for you
The Financial Advice Association Australia has implored advisers to reevaluate their exposure to AML/CTF obligations ahead of new reforms that will expand their compliance requirements significantly.
With UBS Asset Management chief executive, Alison Telfer, set to join Schroders, the firm has appointed a company veteran as her interim successor.
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
