Mayfair 101 Group has defended the compliance of its financial products and will vigorously contest proceedings by the Australian Securities and Investments Commission (ASIC) against its advertising.
The group maintains that its financial products are fully compliant with all relevant legislation.
ASIC has commenced proceedings in the Federal Court of Australia against Mayfair 101 Group members alleging misleading and deceptive conduct.
Allegations relate to advertising
These allegations relate to advertising of the group’s Mayfair Platinum M Core Fixed Income and M+ Fixed Income financial products.
The products have been structured as term-based investment products ranging from 3-60 months with fixed income returns and 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 March 26, 2020.
In a statement, Mayfair 101 said it had cooperated with all ASIC’s information requests and had already added additional information to its website and materials to further ensure investors were 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.
Will contest claims
The Mayfair 101 Group said it would 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,” the group said.
The 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.
Mayfair 101 Group said it would 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.
The family-owned conglomerate’s portfolio is focused towards real estate, business credit, financial services and technology, emerging markets and growth companies.
Mayfair 101 Group operates an investment banking-style model and specialises in unlocking value by deploying capital and expertise to create value.
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