Trustee licensing mop up
The Australian Prudential Regulation Authority (APRA) had to appoint acting trustees to five superannuation funds that did not make adequate arrangements to comply with the new trustee licensing arrangements.
At the same time it confirmed that Australia now has 307 licensed trustee companies as a result of the trustee licensing process, the regulator said five trustees had not made adequate arrangements for their funds and APRA had appointed acting trustees to ensure their orderly exit.
The regulator also announced that of those trustees who did not apply to be licensed, 145 had been unable to wind-up the entities under their trusteeship before June 30 due to reasons beyond their control.
APRA said these trustees had given appropriate undertakings, and the members of their funds had been transferred to other funds holding Registrable Superannuation Entity licences.
AUTHOR
Mike Taylor
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
