Trident pays $10,000 penalty
Trident Investment Management has paid a $10,200 fine for the potentially misleading promotion of some of its investment funds.
Trident, the Australian financial services representatives of Australian Mutual Holdings Limited (AMH), had advertised that its income fund had attracted returns of 9.27 per cent, but failed to mention the fund's negative capital growth, according to the Australian Securities and Investments Commission (ASIC).
As a result, ASIC said its returns would be much lower than advertised and asked it to remove the statements from its website, which it did.
In response to the concerns, ASIC issued the responsibly entity, AMH, with two fines in April 2014.
Commenting on the infringement, ASIC commissioner Greg Tanzer said "It is important that consumers are in a position where they can understand and compare financial products. This also ensures fair competition within the industry".
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