ASIC pulls up Tyndall
Tyndall Investment Management has made an enforced undertaking to the Australian Securities and Investment Commission (ASIC) over unit pricing errors.
ASIC identified a number of compliance deficiencies in a routine surveillance of Tyndall's managed investment schemes. It found that Tyndall had made several unit pricing errors and that the compliance committee for some investment schemes had not met in the prescribed timeframe.
The securities watchdog says it was particularly concerned that the breaches were neither reported to the Tyndall Board, nor to ASIC.
"While investors were fully compensated for the unit pricing errors identified, we are concerned that Tyndall did not have sufficient compliance procedures in place," says ASIC national director financial services regulation Ian Johnston.
Johnston says Tyndall has undertaken to appoint two external consultants. One will conduct a review of its unit pricing, while the other consultant will review its compliance arrangements. The Tyndall Board has also undertaken to provide a written report to ASIC each quarter for the next two years confirming that Tyndall is complying with the terms of the enforceable undertaking and the Corporations Law.
The watchdog says that if any more investors are identified as having suffered from unit pricing errors, then these investors will be notified and compensated.
Tyndall has been part of the Royal and SunAlliance group since 1999, which now manages more than $6.8 billion in funds.
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
