• ASIC has commenced civil proceedings against Fiducian Investment Management Services Limited (FIMS)
• Allegations relate to misleading statements in the product disclosure statement and failure to comply with compliance plan
• Fiducian has filed a Defence in the proceedings

Fiducian Group Ltd (ASX: FID) has issued an announcement providing an update on the civil proceedings commenced by the Australian Securities and Investments Commission (ASIC) against its subsidiary Fiducian Investment Management Services Limited (FIMS) in the NSW Supreme Court. ASIC's claim alleges that the product disclosure statement of the Fiducian Diversified Social Aspirations Fund issued by FIMS (as the responsible entity) contained misleading statements, and that FIMS failed to comply with the compliance plan of the Fund and act in its duties as responsible entity with care and diligence. Fiducian has confirmed that FIMS has filed a Defence in the proceedings, and the company will continue to keep the market informed in accordance with its disclosure requirements.