The Australian Prudential Regulation Authority (APRA) today announced that it has accepted an Enforceable Undertaking under Section 262A of the Superannuation Industry (Supervision) Act 1993 (the SIS Act) from Victor Peter Green and Simon Peter Green in relation to their role as Trustees of the Gold Coast based Peter Green Employees Superannuation Fund (the Fund).

Dr Darryl Roberts, APRAs Head of Enforcement, said the action was taken to protect the interests of the 23 arms length members of the Fund following a review of its compliance with the requirements of the SIS Act.

The terms of the Undertaking require the Greens to complete various overdue obligations imposed by the SIS Act, including arranging audited financial statements, lodging statutory returns with APRA and the Australian Taxation Office, and preparing and distributing a report to members. 

When the prudential obligations are met to the satisfaction of APRA, the arms length members will be transferred to other funds, and the Fund will be restructured as a self managed superannuation fund regulated by the Australian Taxation Office. 

The giving of the Undertaking by the Trustees does not constitute any admission of wrongdoing on their part.

APRA views Enforceable Undertakings as an effective means of addressing specified weaknesses in a superannuation fund within a prescribed time limit and without imposing an undue financial burden.  They provide a useful discipline on the parties and can, if it proves necessary, be enforced by application to the Federal Court.

Dr Roberts said APRA is keen to enter into Enforceable Undertakings with well intentioned and cooperative Trustees of superannuation funds that have material but rectifiable weaknesses.