ASIC seeks wind-up of WA funds manager
The Australian Securities and Investments Commission (ASIC) has begun civil proceedings in the Federal Court seeking the winding up of a West Australian funds management company, Finchley Central Funds Management.
The regulator announced today that it was seeking orders from the Federal Court to have the company wound up and a liquidator appointed.
It said Finchley was the responsible entity of a registered managed investment scheme known as Finchley Development Capital Funds (FDCF) and that within FDCF there were two active trusts that had raised funds from retail investors – the Gilead Trust and the Riverside Trust.
The regulator said it had alleged to the court that it was just and equitable that Finchley be wound up because it and its officers had failed and continue to fail to comply with their obligations under the law and because a winding up order would allow the company and its trusts to be overseen and supervised by an independent party, which would assist in the protection of investors’ interests.
It said it had initiated proceedings as a result of an ongoing investigation into the conduct of Finchley and its officers.
AUTHOR
Mike Taylor
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
