March 17 (Reuters) - Australian Securities & Investments Commission:
- COMMENCED CIVIL PENALTY PROCEEDINGS AGAINST COLONIAL FIRST STATE INVESTMENTS LIMITED
- ASIC'S CASE FOCUSES ON TEMPLATE LETTERS SENT TO MEMBERS, AS WELL AS, 46 TELEPHONE CALLS MADE IN ACCORDANCE WITH SCRIPTS
- SAYS COMMENCED PROCEEDINGS FOR ALLEGED MISLEADING OR DECEPTIVE COMMUNICATIONS WITH MEMBERS OF FIRSTCHOICE FUND
- ALSO ALLEGES THAT CFSIL FAILED TO PROVIDE A "GENERAL ADVICE WARNING" DURING TELEPHONE CALLS
- AMOUNT OF ANY PENALTY WILL BE DETERMINED BY COURT; EACH PARTY WILL BE MAKING THEIR OWN SUBMISSIONS TO COURT ON PENALTY RANGE
Source text - (https://bit.ly/33lL9q0)
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News: CBA Australia's ASIC Begins Civil Penalty Proceedings Against Colonial First State Investments
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