Australian Securities & Investments Commission v Fiducian Investment Management Services Limited

Australian Securities and Investments Commission (ASIC) filed a suit against Fiducian Investment Management Services Limited (FIMSL) on October 2, 2025, in the Supreme Court of New South Wales, alleging that FIMSL breached its duties by engaging in misleading and deceptive conduct about its environmental, social, and governance (ESG) fund. ASIC claims that while the Product Disclosure Statement about the Diversified Social Aspirations Fund (DSAF) stated with details how the DSAF would only make investments in companies that were considered to be positive for society and the environment, FIMSL invested in a number of coal mining and petroleum related businesses. ASIC seeks, under the ASIC Act, that FIMSL pay a pecuniary penalty or penalties for its violations and disclose to the public its wrongdoings. This is the fourth greenwashing civil penalty action taken by ASIC, and the first against a responsible entity (RE) for alleged failures in governance and compliance with RE duties.