ASIC suspends Quantum FM AFSL
The Australian Securities and Investments Commission (ASIC) has suspended the financial services license of Quantum Funds Management Limited until 15 October, next year.
Quantum Funds Management Limited is the responsible entity for the:
Quantum Mortgage Trust (ARSN 095 909 096)
Quantum Residential Property Trust (ARSN 1695 569 335)
Quantum USA Residential Property Fund (ARSN 150 434 138), and
Quantum Strata Scheme No. 14 (ARSN 115 998 733).
ASIC’s action follows on from the regulator having recently banned a director of QFML, Peter Geoffrey Gribble for three years for failing to give effect to determinations of the Australian Financial Complaints Authority (AFCA).
ASIC said the suspension of the QFML license was because the company did not have the required professional indemnity insurance coverage.
It said the licence suspension allows QFML to provide financial services that are reasonably necessary for, or incidental to, the winding up the schemes except the Quantum Strata Scheme No. 14 (Scheme 14), which is not being wound up. Investors in Scheme 14 should contact QFML for further information.
Under the suspension, QFML is required to have a dispute resolution system in place through membership of the Australian Financial Complaints Authority.
It said QFML may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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