asic lifetrack/am ban

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    Lifetrack directors offer 10-year self ban

    Lifetrack Management Limited was the approved trustee of the AM Pooled Superannuation Trust. From 1996 LifeTrack offered its superannuation members the option of investing in traded life policies.

    In June 2002 ASIC required Lifetrack to provide more disclosure to investors, following the closure of a Diversified Traded Policies Fund in May 2002, which was restructured to a fixed term fund expiring in 2007.

    ASIC has accepted enforceable undertakings from Lifetrack and David Smith and Alan Rich, two of its directors. Smith and Rich have agreed not to act as a director or officer of a company holding an Australian Financial Services Licence (AFSL) for 10 years, or of a listed investment company for five years.

    Additionally, they have undertaken not to hold, or apply for, an AFSL for 10 years, or act as a representative of an AFSL holder, for five years.

    ASIC accepted these undertakings due to concerns about Lifetrack's capacity to act as the responsible entity of any managed investment scheme, as well as concerns that Messrs Smith and Rich should not hold an AFSL or be involved in the management of a corporation with an AFSL.

    These concerns were based both upon ASIC's own enquiries, and upon assertions contained in a report by an Inspector appointed by APRA in June 2002 to investigate the affairs and operation of the AM Pooled Superannuation Trust.

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