The corporate regulator has fined the Australian arm of $10.5 trillion investment giant Vanguard for overstating the extent of an exclusion of tobacco-related companies from one of its suites of managed funds.
Vanguard Australia has paid $39,960 in penalties after the Australian Securities and Investments Commission issued an infringement notice warning that one of its disclosure documents “may have been liable to mislead the public”.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
