BUSSQ to challenge APRA on licence conditions
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The news: BUSSQ is challenging the prudential regulator in the Federal Court of Australia in NSW on the recently imposed licence conditions placed on the superannuation fund.
The context: Earlier this month, the Australian Prudential and Regulation Authority (APRA) ordered a spending review for BUSSQ and United Super, the trustee for Cbus, as they had links to the embattled Construction, Forestry and Maritime Employees Union (CFMEU).
BUSSQ said the concerns raised in the licence conditions had already been part of an extensive review by APRA over the last two years “without any adverse findings”.
The fund said that while the prudential regulator had the power to review the issues again, it should not rely on an independent report based on a single person’s view of the matters.
APRA said it intended to contest the application made to the court and suspended the licence conditions under the determination on the matter.
What they said: “Any review should be conducted by the industry regulator, APRA, in accordance with the legislation and on the basis of providing the trustee with procedural fairness and natural justice,” BUSSQ said.
BUSSQ chair Chris Taylor said: “We believe the proposed licence conditions imposed by APRA last week are unnecessary and potentially impractical. APRA itself has and can again investigate our policies and expenditures if they believe there is a risk to our fund members”.
The sources: APRA, BUSSQ media release
