ASIC had enacted civil penalty proceedings against Fiducian Investment Management Services (FIMS) back in October 2025 alleging it breached its duties as a responsible entity and engaged in misleading and deceptive conduct. On 11 August, the Supreme Court of NSW found FIMS failed to act with care and diligence as the responsible entity of the Diversified Social Aspirations Fund (DSAF) and engaged in misleading and deceptive conduct relating to its description of how the fund works in its product disclosure statement (PDS). The Court found that FIMS did not have reasonable grounds to make the environmental, social and governance (ESG) statements and there were also governance and oversight failures by FIMS.