ASIC has suspended the Australian financial services (AFS) licence of Quantum Funds Management Limited (QFML) until 15 October 2023.

QFML is the responsible entity of the following registered managed investment schemes:

• Quantum Mortgage Trust (ARSN 095 909 096)
• Quantum Residential Property Trust (ARSN 1695 569 335)
• Quantum USA Residential Property Fund (ARSN 150 434 138), and
• Quantum Strata Scheme No. 14 (ARSN 115 998 733).

The licence was suspended because QFML does not have the required professional indemnity insurance coverage. The licence suspension allows QFML to provide financial services that are reasonably necessary for, or incidental to, the winding up the schemes except the Quantum Strata Scheme No. 14 (Scheme 14), which is not being wound up. Investors in Scheme 14 should contact QFML for further information.

Under the suspension, QFML is required to have a dispute resolution system in place through membership of the Australian Financial Complaints Authority.

QFML may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Background

QFML has held AFS licence no. 237301 since 30 October 2003. 

ASIC also recently banned Peter Geoffrey Gribble, a director of QFML, for three years (refer 22-274MR).

Editor’s Note: 

On 28 February 2023, ASIC varied the terms of the suspension to allow QFML to also provide financial services that are reasonably necessary for, or incidental to, the winding up or transfer of Scheme 14.  

Editor’s Note 2:

ASIC cancelled the license of QFML effective 19 September 2023 in response to an application by QFML, at which point the suspension ceased. The licence cancelation has been made with a requirement the QFML maintain membership of the Australian Financial Complaints Authority for a period of no less than 12 months.