The Australian Securities and Investments Commission (ASIC) has issued an interim stop order against fintech firm Spaceship, affecting the target market determinations of several of its products. In response to this order, Spaceship has temporarily halted new sign-ups for its Spaceship Universe Portfolio, Spaceship Earth Portfolio, and Spaceship Origin Portfolio. This also applies to current customers intending to make additional investments.
Furthermore, the company has temporarily paused the distribution of Spaceship Super, where it acts as the promoter. Spaceship Super is issued by Diversa Trustees Limited, the trustee of the Tidswell Master Superannuation Plan, of which Spaceship Super is a sub-plan. It should be noted that Diversa has also received an interim stop order regarding this product.
In light of these developments, Spaceship is actively taking measures to address ASIC's concerns and has expressed its commitment to proactively resolving the issue.
Despite these restrictions, existing customers can still access their accounts via the Spaceship app and interact with their current products, except for the limitations mentioned above. Spaceship assures that its customer support team remains accessible, including via in-app chat.
The original message from Spaceship:
Spaceship has received an interim stop order issued by the Australian Securities and Investments Commission (ASIC) relating to the target market determinations (TMD) of a number of its products.
In complying with the interim stop order, Spaceship has temporarily suspended the ability for new customers to sign up to the Spaceship Universe Portfolio, the Spaceship Earth Portfolio, and the Spaceship Origin Portfolio (together, the Spaceship Voyager portfolios), as well the ability for current customers to make additional investments.
Spaceship has also temporarily suspended distribution of Spaceship Super in its capacity as promoter. Spaceship Super is issued by Diversa Trustees Limited (ABN 49 006 421 638, RSEL L0000635) (Diversa) as trustee of the Tidswell Master Superannuation Plan (ABN 34 300 938 877) (Fund). Spaceship Super is a sub-plan of the Fund. Spaceship notes Diversa has been issued an interim stop order relating to this product.
Spaceship is taking immediate steps to address ASIC’s concerns and is committed to working proactively to address the issue. Current customers may continue to log in to the Spaceship app, and other than the restrictions above, customers can continue to interact with their current products. The customer support team continues to be available, including by in-app chat.
