Corporate Governance and Compliance
APIL (Australasian Property Investments Limited) holds an Australian Financial Services Licence (AFSL No. 238795). APIL is authorised to provide general financial product advice for interests in managed investment schemes (syndicates) to retail and wholesale investors. For more information please refer to APIL_Financial Services_Guide_December_2021 v1.1
APIL’s main responsibilities are to make sure that the Trust is managed according to the Constitution, the Corporations Act, the established investment policy for the Trust and to properly administer the Trust.
A compliance committee has been established by the board of APIL and consists of three members (two of whom are external to APIL). The role of the compliance committee is to ensure the Responsible Entity/Trustee complies with the compliance plan and to report any breaches to the board and if necessary to ASIC. APIL compliance committee members are:
Peter Hughes – Responsible Manager
Reena Shah – External Member
Keith Hockley – External Member
Regulatory Guide (RG) 274 – Product Design and Distribution Obligations – effective from the 5th October 2021
The above regulation was introduced via the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 (Cth) which is applicable to issuers and distributors of financial products, which includes APIL.
The purpose of the regulation is to define the client base and designate a specific target market for each financial product offered by APIL. This will be accomplished through the use of a Target Market Determination (TMD) which will provide potential investors with an understanding of the objectives, financial situation and needs of the target market and allow them to evaluate whether the relevant financial product is right for them. From 5 October 2021, all investors registering their interest online (on the APIL website) to participate in a new property fund, will come across the TMD. Under this new ASIC regulation APIL is only authorised to provide a Product Disclosure Statement to investors that have confirmed they fall within the target market, as that term is defined in the TMD.
Related Party Transactions
All transactions in which APIL may have or be perceived to have a conflict of interest will be scrutinised in accordance with APIL’s related party transaction policy. Under this policy conflict situations are assessed by the Compliance Committee and if it is deemed necessary referred to the APIL board to ensure the conflict is managed in an appropriate manner.
Keeping You Informed About Your Investment
To help keep you informed of your investment APIL provides the following:
- A confirmation notice stating your Application Form has been successfully received.
- Issuance of a Unit Certificate after settlement of the Property confirming your allotment of Units in the Trust.
- Remittance statements confirming your monthly income distribution.
- Six monthly ASIC RG46 reports.
- Annual financial reports and investor statements.
- Annual property reports.
Anti-Money Laundering and Counter-Terrorism Financing
APIL is required to collect and verify certain customer identification information in compliance with AML/CTF Legislation before it can issue Units to an investor.
If you apply through a financial advisor your identification and verification checks can be carried out by your financial advisor who will also complete the relevant identification form issued by Investment and Financial Services Association Limited and the Financial Planning Association of Australia (IFSA/FPA Form).
If you are submitting your application directly to APIL (without the assistance of a financial advisor) you must submit certified copies of your identification documents with the Application Form. The required identification documents are set out in the Verification Details section of the Application Form contained in the PDS. If you do not complete the relevant verification sections of the Application Form we will not be able to process your application.
Your Personal Information
We collect your personal information for the following purposes:
- To administer and provide products and services and to manage our relationship with you.
- To process transactions.
- To answer queries and for security purposes.
- In managing your account we may need to disclose your personal information to your financial advisor.
- Reputable service providers who may carry out functions associated with our products and services on our behalf (e.g. mailing houses).
- Our financial institution to initiate payment to your nominated account.
- A third party as required by law.
Under the Privacy Act 1988 (Cth), you may request access to any of your personal information APIL holds. You should notify us immediately if any of the information we hold about you changes, so that we can ensure that your information is always complete, accurate and up to date.
APIL takes complaints seriously and has procedures in place to properly consider and deal with any complaints received from Investors. Investors, including Indirect Investors have access to the dispute resolution process. If you have a complaint or query in relation to the administration or management of a syndicate or trust please contact APIL’s Compliance Manager on +61 8 9380 3222 or email email@example.com or write to APIL, PO Box 472, Subiaco, WA 6904.
The Compliance Manager will ensure your complaint is acknowledged in writing upon receipt, investigate it and decide in a timely manner what action is to be taken, with a formal response provided no later than 30 calendar days from receipt of the initial complaint.
APIL’s Public Complaints Handling Policy is available here. A hard copy of the Public Complaints Handling Policy is available upon request.
If you are dissatisfied with our response you may raise the matter with the following ASIC approved entity of which APIL is a member:
Australian Financial Complaints Authority
GPO Box 3 Melbourne VIC 3001
Telephone: 1800 931 678
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