BUSSQ seeks judicial review of APRA decision to impose licence conditions
The Australian Prudential Regulation Authority (APRA) notes the application of BUSS (Queensland) Pty Ltd (BUSSQ) to the Federal Court of Australia in NSW regarding APRA’s decision to impose additional licence conditions on the trustee, which APRA announced on 14 August. APRA intends to contest the application.
APRA has agreed to suspend the effect of the licence conditions until the court’s determination of this matter, on the basis that BUSSQ has requested an expedited hearing.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.