APRA contemplating its place in face of BUSSQ | Australian Markets
Queensland-based construction industry superannuation fund, BUSSQ has moved additional to problem the Australian Prudential Regulation Authority of its imposition of license situations on fund the fund.
APRA mentioned it was contemplating subsequent steps after BUSSQ determined to appeal a latest Federal Courtroom choice.
APRA mentioned it had imposed further licence situations on BUSS (Queensland) Pty Ltd because the trustee for The Constructing Unions Superannuation Scheme (Queensland) (BUSSQ) in August 2024 to safeguard the pursuits of members, to make sure prudential issues could possibly be addressed successfully and expeditiously and to make sure transparency in BUSSQ’s response to such issues.
It mentioned the Board of BUSSQ determined to hunt judicial review of APRA’s choice in circumstances the place it was on discover that an different and more value efficient avenue of review, inside review, was out there. In a judgment handed down on 31 January 2025, his Honour Justice Derrington discovered that BUSSQ ought to have availed itself of the inner review course of, as a substitute of making use of to the Federal Courtroom for aid.
“The BUSSQ Board has now taken the further step of challenging Justice Derrington’s decision. APRA is considering the notice of appeal,” the regulator mentioned.
“Trustees of superannuation funds are required to act in the best financial interests of their members and to have appropriate processes in place for the assessment of the fitness and propriety of their directors. APRA’s decision to impose additional licence conditions in August 2024 was in response to prudential concerns that APRA had identified with BUSSQ’s compliance with these requirements.”
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