Avanteos Investments Limited acknowledges proceedings in relation to disclosure documents

8 December 2021: Avanteos Investments Limited (AIL) acknowledges proceedings have been filed by the Commonwealth Department of Public Prosecutions (CDPP) in relation to AIL’s failure to correct defective disclosure documents. 

 The disclosure documents were defective because they did not specify that AIL would continue to deduct adviser service fees from a member’s account and pay those fees to the member’s financial adviser after being notified of the member’s death.

 AIL self-reported the issue to the Australian Securities and Investments Commission (ASIC) in May 2018. This matter was considered as a case study at the Financial Services Royal Commission.

 AIL has cooperated fully with ASIC during its investigation, and with the referral process to the CDPP. AIL has pleaded guilty to the charges.

 AIL has completed an extensive remediation program and has refunded all unauthorised adviser service fees deducted from deceased members’ accounts, including amounts to reflect lost investment earnings and interest, to those members’ estates.

 AIL apologises unreservedly to the families of deceased members who were affected by these issues and acknowledges that this conduct was unacceptable.