News

Unlisted property is attracting investor interest due to its reputation as a steady performer and stabilising element in investment portfolios, with unlisted property funds outperforming all other asset classes for annualised returns over the last five years.

How financial services firms respond to complaints will need to change from 5 October 2021 when RG 271 will become effective. Timeframes for managing complaints will be reduced, starting with a requirement to acknowledge receipt of complaints within 24 hours (or as soon as practicable).

Property Funds Association (PFA), the peak body representing Australia’s unlisted property funds industry, has appointed Andrew Cannane, Executive Director of Intertrust Australia, as President of its Executive Committee.

ASIC has invited PFA to participate in its Recurrent Data Project (RDP) Reference Group, and PFA representatives attended a recent briefing in early April.

ASIC recently announced it has adopted a ‘no-action’ position on convening and holding virtual meetings, including AGMs, in light of the continuing uncertainty around COVID-19 restrictions.

Property Funds Association says the Victorian state government’s plan to introduce higher property taxes could be a missed opportunity to stimulate Victoria’s economy by encouraging more property activity.

In November 2020, ASIC released an Information Sheet (INFO 251) which clarified its position on ‘authorised representatives’ acting as trustees of unregistered managed investment schemes rather than AFSL holders. This has previously been an area of uncertainty for trustees of unregistered property funds offered to wholesale investors.