6 April 2020, Melbourne Australia
STATEMENT FROM THE MAYFAIR 101 GROUP
The Mayfair 101 Group maintains its financial products are fully compliant with all relevant legislation and will vigorously contest proceedings by the Australian Securities and Investments Commission (ASIC) against its advertising.
Mayfair 101 has cooperated with all ASIC’s information requests and has already added additional information to its website and materials to further ensure investors are fully informed about the risks and rewards of its investment products.
ASIC’s claims centre around references to Mayfair Platinum’s products being advertised as an alternative option to bank-issued term deposits. They primarily relate to specific advertisements published in 2019.
The Mayfair 101 Group will contest ASIC’s claims in full. Mayfair Platinum’s products are available to wholesale clients only and disclosures are made to advise that Mayfair Platinum is a provider of non-bank investment products.
ASIC has commenced proceedings in the Federal Court of Australia against Mayfair 101 Group members alleging misleading and deceptive conduct with respect to advertising of the M Core Fixed Income and M+ Fixed Income financial products.
The M+ Fixed Income and M Core Fixed Income products have been structured as term-based investment products ranging from 3-60 months, with fixed income returns. The risks and benefits are clearly stated on all Mayfair Platinum’s disclosure documents.
ASIC’s claims follow the Group successfully obtaining an injunction against ASIC in the Federal Court of Australia on 26 March 2020.
The Mayfair 101 Group confirms that no investor in any of Mayfair Platinum’s products has had a capital loss and all interest distributions have been paid in full. The Mayfair 101 Group will continue to make constructive investments that have a strong social purpose, prudently manage investor capital, and deliver an innovative approach for the benefit of the Group’s investors.