Business
ASIC targets cash funds in fixed income crackdown – The Australian Financial Review
The corporate regulator’s crusade in response to the proliferation of funds such as Mayfair Platinum has ensnared funds that claim to be cash-like.
In the case of Mayfair, the fund targeted wholesale rather than retail investors, but the evidence is that most lacked sufficient knowledge of financial investments and are now facing the grim prospect of significant losses.
Labelling matters just as much for financial products as it does for free-range eggs, where much regulatory endeavour was spent ensuring they were true to label.
Karen Chester, ASIC deputy chairman
“Our regulatory focus as it relates to consumer protection is meant to be …
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