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.
