FMA takes first ever action against a trustee company
Wednesday, August 20th 2014, 10:26AM 
1 Comment
The Financial Markets Authority has filed civil proceedings against the trustee for failed finance company Viaduct Capital.
The regulator alleges Prince and Partners Trustee Company breached the obligations it owed to Viaduct investors and to the Treasury under the Retail Deposit Crown Guarantee.
It is taking action on behalf of investors and says the trustee's conduct resulted in loss to individual investors and to the Treasury.
"The FMA has serious concerns about the conduct of Prince as trustee in the case of Viaduct. The FMA has determined that it is appropriate for the Court to consider the conduct in this case, and where appropriate to award compensation to investors who suffered loss as a result of Prince’s failure to fulfil its obligations as Trustee. This is the first claim filed by FMA against a trustee."
| « Tyndall looking at multi-asset products | Magellan moves to cash » |
Special Offers
Comments from our readers
Sign In to add your comment
|
|
Printable version |
|
Email to a friend |
