Financial services company Top Quartile Management (TQM) has been fined $10,000 by ASIC for failing to report its breaches.
As TQM holds an Australian Financial Services Licence it is required by law to report to ASIC breaches of law within five business days of becoming aware of the breaches.
A total of six charges were laid against TQM. Three related to TQM's failure to provide investor reports on time.
The other three charges related to TQM's failure to lodge with ASIC breaches of its obligations to provide annual returns on time with the Australian Prudential Regulation Authority. The annual returns were on behalf of three superannuation funds, which it was trustee.
TQM acts as a trustee to a number of superannuation funds. The company also operates investor-directed portfolios services (IDPS) products.
"Breach reporting is an important obligation for financial services licensees and we have been placing considerable emphasis on encouraging licensees to meet this obligation," ASIC executive director of compliance Jennifer O'Donnell said.
