APRA fines Equity Trustees $782k for data reporting failure
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The news: The Australian Prudential Regulation Authority (APRA) has fined Equity Trustees $782,500 for failing to meet its legal obligations to report data to the prudential regulator.
The numbers: The APRA said the superannuation trustee business breached its legislative requirements by failing to report data by the required deadlines for two funds under its trusteeship — AMG Super and Super Simplifier.
Equity Trustees lodged nine reporting forms 50 days late for AMG Super and six reporting forms 38 days late for Super Simplifier for the quarter ended 30 September 2023.
The context: APRA deputy chair Margaret Cole said that by issuing the fine, APRA wanted to send a clear message to industry of the importance of submitting data on time.
Equity Trustees has until 3 July to pay the fine.
What they said: Cole said: "We expect all entities to be compliant with our reporting standards to ensure APRA always has the most up-to date information to effectively monitor the safety and stability of Australia’s banking, insurance and superannuation systems.".
"Notwithstanding the highly outsourced nature of the superannuation industry, accountability for meeting regulatory obligations sits with trustees," she said. "APRA expects trustees to maintain appropriate oversight of service providers, which includes ensuring the provider is adequately resourced to meet requirements."
The source: APRA media release
