ASIC dismisses mortgage fund manager
The Australian Securities and Investments Commission (ASIC) has removed Triscott Investments as responsible entity of the Australian Managed Mortgage Investment Fund.
The industry watchdog earlier this week revoked Triscott's licence in the wake of what it says were several breaches by the investment company. Among the breaches, ASIC found that Triscott had breached the condition of its licence that required it to use an external compliance consultant to report on internal compliance standards.
Triscott also felt the watchdog's bite over its failure to notify the regulator about delegating core management responsibilities to a third party without ensuring sufficient supervision. ASIC also said Triscott had neither lodged half-yearly financial reports with the watchdog, nor had it carried out its duties of its dealers licence "efficiently, honestly and fairly".
The removal of Triscott as a responsible entity was achieved by ASIC in a decision in the Supreme Court of Queensland yesterday.
Taking over as temporary responsible entity will be La Trobe Capital and Mortgage Corporation. La Trobe will take up its temporary position of operating the scheme while the scheme members meet to decide on who to appoint as the new responsible entity to the fund.
Triscott had planned to convene a meeting of scheme members today to appoint a replacement responsible entity, but ASIC managed to obtain orders restraining the meeting from carrying out such an appointment.
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