ASIC has suspended the Australian financial services (AFS) licence of Quantum Funds Management Limited (QFML) until 15 October 2023.
QFML is the responsible entity of the following registered managed investment schemes:
- 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).
The licence was suspended because QFML does not have the required professional indemnity insurance coverage. 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.
QFML may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
QFML has held AFS licence no. 237301 since 30 October 2003.
ASIC also recently banned Peter Geoffrey Gribble, a director of QFML, for three years (refer 22-274MR).