The Australian Prudential Regulation Authority (APRA) welcomes the appointment of Trust Company of Australia as Approved Trustee of superannuation funds currently under the trusteeship of Beacon Funds Management.

APRA believes that the move addresses the interests of the relevant superannuation members and provides certainty for the future management of their funds.

Beacon is the Trustee of a variety of public offer funds including pooled superannuation trusts, master trusts, corporate superannuation funds and a number of Small APRA Funds (SAFs).

On 28 August 2002, Beacon gave APRA an enforceable undertaking to transfer its superannuation investors to a new Approved Trustee by no later than 15 November 2002, after reporting a material breach of its compulsory minimum capital requirement of $5 million.

APRA is the prudential regulator of the financial services industry including banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. It currently regulates $1.5 trillion in assets for 20 million Australians.