POWERED BY MOMENTUM MEDIA
APRA tightens regulations on Fiducian over data accuracy concerns
In a statement on Monday, the prudential regulator said it has imposed additional licence conditions on Fiducian Portfolio Services Limited to address data accuracy and completeness concerns ahead of the annual superannuation performance test, affecting its management of Fiducian Superannuation Service with 8,770 members and $2.57 billion in assets.
The regulator said that the action comes after issues were identified with the accuracy and completeness of data submitted previously, which, it said, raised concerns about FPSL’s ability to identify, assess, monitor, and submit accurate data.
Under the terms of the new licence conditions, which came into force from 15 July 2024, FPSL must:
- Take reasonable steps to ensure that an expert completes a review of the accuracy and completeness of data submitted ahead of the 2024 performance test.
- Develop and implement a remediation plan, to be approved by APRA, to address any recommendations or areas of concern identified by the expert.
- Provide APRA with an attestation regarding the accuracy of data and governance processes for data submissions.
“APRA places a high degree of reliance on the quality and accuracy of the data we receive to drive greater transparency of the industry and strengthen the accountability of trustees to act in the best financial interests of their members,” said APRA deputy chair Margaret Cole.
“This includes the data submitted for the annual performance test, a powerful tool used by APRA to hold trustees to account for fund performance, fees and costs.”
She said that all trustees “must have the necessary systems and controls in place to provide accurate data to APRA”.
AUTHOR
Super Review reporter
Recommended for you
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.57 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
32.09 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
27.42 3 y p.a(%)
