The Australian Prudential Regulation Authority (APRA) has imposed additional licence conditions on Diversa Trustees to address prudential concerns and recommended a third-party review of its operating model.
These new conditions were designed to address:
Diversa had approximately 320,000 members and more than $11 billion in funds under management.
The additional licence conditions also sought to codify recommendations of a third-party review of Diversa’s operating model, which included matters relating to governance, risk management, and outsourcing and oversight.
Under the terms of the new licence conditions, which came into force on 23 January, Diversa was required to:
APRA deputy chair, Margaret Cole, said the licence conditions set baseline expectations for independent trustees in the industry.
"The inherent complexity of the independent trustee model, with one trustee having oversight over a substantial number of funds, sub-funds and products, requires significant resourcing to ensure quality member outcomes.
"These licence conditions set the minimum standard for governance, risk, outsourcing and oversight, and member outcomes to ensure that Diversa is in the best position to continue as a trustee in the long term.”
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