March 17, 2020 / 5:28 AM / 2 months ago

BRIEF-Australia's ASIC Begins Civil Penalty Proceedings Against Colonial First State Investments

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 - (bit.ly/33lL9q0) Further company coverage:

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