BUSSQ defiant regardless of APRA courtroom win | Australian Markets
Large industry fund Cbus could have complied with the Australian Prudential Regulation Authority’s (APRA’s) imposition of extra license situations however its sister industry fund, BUSSQ, is continuous to query the validity of the regulator’s actions.
APRA imposed the extra license situations on BUSSQ in August, final yr, as a consequence of considerations over its relationship with the Development Forestry and Maritime Staff Union (CFMEU) and final Friday dismissed BUSSQ’s software for a judicial review of the APRA resolution.
Nonetheless, BUSSQ’s formal response to news of the Federal Court docket’s resolution made clear that the industry fund doesn’t imagine that the Court docket’s resolution essentially validates APRA’s method.
The chairman of BUSSQ, Chris Taylor mentioned the fund maintained that APRA itself, relatively than an exterior get together, was best-placed to undertake any review of BUSSQ and that license situations should not crucial.
“We will be reviewing the decision and looking at our options noting that the court has not ruled that the licence conditions are valid,” he mentioned.
“BUSSQ has looked after the retirement savings of construction and civil workers in Queensland for 40 years and remains committed to our members and looking after their retirement savings with the highest levels of governance.”
The fund mentioned it maintained that it operates “with robust governance processes and frameworks to ensure it is fulfilling its fiduciary obligations lawfully at all times, including the fitness and proprietary provisions for Board directors and approval of fund expenditure”.
The extra license situations imposed on Cbus by APRA resulted within the so-called Deloitte report which outlined failings on the half of superannuation fund, together with failures round assembly members’ best financial pursuits duties.
As a result of BUSSQ sought the judicial review of APRA’s transfer to impose extra license situations, the regulator suspended its motion till the courtroom’s remaining willpower.
APRA deputy chair, Margaret Cole mentioned the regulator “will now move expeditiously to make sure the work required by the additional licence conditions is completed”.
“APRA intends to progress the work contemplated by the additional licence conditions as quickly as possible, subject to any applicable review process,” Cole mentioned.
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