• Fiducian Investment Management Services (FIMS) to pay $7.3M penalty
• FIMS to pay ASIC's $650k legal costs
• Court to make declarations on FIMS' conduct

Fiducian Group Limited (ASX: FID) has announced that its subsidiary Fiducian Investment Management Services Limited (FIMS) has entered into a heads of agreement with the Australian Securities and Investments Commission (ASIC) to resolve civil proceedings that had been commenced by ASIC in the NSW Supreme Court. Under the agreement, FIMS will pay a pecuniary penalty of $7,300,000 to the Commonwealth and ASIC's legal costs of the investigation and proceedings, up to $650,000. The parties have also agreed to the Court making declarations that during the Contravention Period, the Product Disclosure Statements published by FIMS in respect of the Diversified Social Aspirations Fund (DSAF) contained misleading ESG and systems and processes statements, and that FIMS failed to discharge its duties as the responsible entity of the DSAF. The agreement is subject to the approval of the Court, and a date for the finalisation of the proceedings will be set by the NSW Supreme Court.