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.

Australian Securities & Investments Commission v Fiducian Investment Management Services Limited

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Australian Securities & Investments Commission v Fiducian Investment Management Services Limited - summons

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An aim to achieve a quantifiable outcome within a given time-frame, set by an institution such as a national government.

Policy instruments are techniques or tools used by governing authorities to promote certain policies in order to achieve predetermined goals. Put simply, instruments are how a government tries to achieve its goals, with this taxonomy being focused on national policy instruments.

Risk is the potential for adverse consequences resulting from the dynamic interplay between (climate-related) hazards, exposure, and vulnerability of affected human or ecological systems.

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A set of principles, processes, and practices that build economic and political power to shift from an extractive economy to a regenerative economy.

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Area of the economy in which actors engage in identical or related activities.

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Either money or something of monetary value is transferred between two or more organisations, people or countries.

This sector creates and distributes information and entertainment through television, radio, print, and digital platforms.

Activities of businesses and institutions that provide financial services and products to individuals and organisations.

Australian Securities & Investments Commission v Fiducian Investment Management Services Limited - summons

Policy instrument

Economic sector

Finance