APRA lifts additional licence conditions on AMP's N.M. Super
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The news: The Australian Prudential Regulation Authority (APRA) has removed additional licence conditions imposed on AMP's superannuation trustee N.M. Super in response to governance and risk management concerns.
The numbers: N.M. Super controls the AMP Super Fund and Wealth Personal Superannuation and Pension Fund with combined estimated net assets of $114 billion.
The context: APRA initially issued additional licence conditions to N.M. Super in 2019 to address a range of concerns regarding the trustee’s compliance with the Superannuation Industry (Supervision) Act 1993.
In 2021, after conducting further investigations, APRA agreed to accept a court enforceable undertaking (CEU) from N.M. Super, which pledged to rectify governance and risk management deficiencies.
APRA said it is now satisfied that N.M. Super has completed rectification work, including remediation of members affected by the conduct dealt with by the CEU.
The regulator has decided to revoke the additional licence conditions, but said it will continue to engage with N.M. Super to "ensure that it remains enabled and capable to deliver against the standards of governance and risk management that we expect of a trustee of its size and complexity".
The removal of the licence conditions is effective from today.
What they said: APRA's deputy chair Margaret Cole said: "Strengthening the ability of APRA-regulated entities to identify, manage and respond to risk is key to enhancing operational and financial resilience, as well as financial stability".
"APRA will continue to engage the full range of supervisory and enforcement responses to ensure that regulated entities meet their obligations and deliver on their promises to customers, members and policyholders," she said.
The sources: APRA media release, ASX announcement
