• ASIC files civil proceedings against EQT Trustee Superannuation Limited
• Allegations of failing to meet due diligence, monitoring and testing standards
• EQT cooperating with ASIC investigation and reviewing the claim

EQT Holdings Ltd has announced that its subsidiary, Equity Trustee Superannuation Limited (ETSL), has been served with civil proceedings by the Australian Securities and Investments Commission (ASIC) in the Federal Court. ASIC's claim alleges that ETSL failed to meet the due diligence, monitoring and testing standards that ASIC considers should apply when a superannuation trustee makes a new investment product available for selection, or permits increased exposure to an investment product, by members and their financial advisers on a superannuation platform. ETSL is considering ASIC's claim carefully and will respond on the substance of the claim in due course. The company has fully cooperated with ASIC's investigations to date and continues to support impacted members by taking steps to maximize their recoveries from the liquidation process. Equity Trustees is also providing regular updates and offering access to confidential counselling and wellbeing support to all impacted members. The company recognizes the difficult circumstances for individuals affected and takes its compliance obligations very seriously, with robust processes in place to uphold the best interests of members.