APRA imposes additional licence conditions on Fiducian

The Australian Prudential Regulation Authority (APRA) has imposed additional licence conditions on Fiducian Portfolio Services Limited (FPSL) to address data-related concerns ahead of this year’s annual superannuation performance test. 

FPSL is the trustee of Fiducian Superannuation Service, which has 8,770 members and $2.57 billion in assets under management.

The action comes after issues were identified with the accuracy and completeness of data submitted previously, which 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; and
• provide APRA with an attestation regarding the accuracy of data and governance processes for data submissions.

APRA Deputy Chair Margaret Cole said: “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. 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. 

“All trustees must have the necessary systems and controls in place to provide accurate data to APRA,” Ms Cole said.