Statement on ASIC Filing
Equity Trustees advises that civil proceedings in respect of the Shield Master Fund were filed today against Equity Trustee Superannuation Limited (ETSL), a subsidiary of EQT Holdings Limited, by the Australian Securities and Investments Commission (ASIC) in the Federal Court.
ASIC’s lawyers have provided ETSL with copies of the court documents setting out the particulars of the claim.
ASIC’s claim alleges that in respect of the Shield Master Fund, ETSL failed to meet the due diligence, monitoring and testing standards that ASIC considers should apply when a superannuation trustee makes a new investment product available for selection, or permits increased exposure to an investment product, by members and their financial advisers on a superannuation platform.
ETSL is considering ASIC's claim carefully and will respond on the substance of the claim in due course.
ETSL has fully cooperated with ASIC’s investigations to date and continues to support impacted members by taking steps to maximise their recoveries from the liquidation process.
Equity Trustees is also providing regular updates and offering access to confidential counselling and wellbeing support to all impacted members.
Managing Director Mick O’Brien said: “Equity Trustees recognises the deeply difficult circumstances for individuals affected. We have fully cooperated with ASIC’s investigation and are carefully reviewing the claim.
“Equity Trustees takes its compliance obligations very seriously and has robust processes in place to uphold the best interests of members.”
Equity Trustees will keep the market informed in accordance with its disclosure obligations.
The Managing Director has authorised this release.
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Further information
Media
Alicia Kokocinski
General Manager – Marketing & Communications
03 8623 5396 / 0403 172 024
Investors
Mick O’Brien Johanna Platt
Managing Director Chief Financial Officer
+61 3 8623 5202 +61 3 8623 5372
mobrien@eqt.com.au jplatt@eqt.com.au
Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services, superannuation trustees services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Adelaide, Sydney, Brisbane, Perth.