ASIC slams manager
The Australian regulator has penalised fund manager Trilogy for issuing misleading product disclosure statements, and it has placed interim stop orders on two of its schemes.
The schemes are the Trilogy Monthly Income Fund and Trilogy Melbourne Office Syndicate, Cheltenham.
“ASICs concerns relate to, among other things: the use of headline rates of return; comparisons of the schemes to other financial products without disclosing the differences between these products; failure to address benchmark disclosures or meet disclosure principle information standards as outlined in relevant ASIC regulatory guides; use of ratings statements without providing adequate details about the meaning of the rating or where investors could obtain further details of the rating; and clear concise and effective disclosure of the structure and nature of the product being offered”.
