The Australian Prudential Regulation Authority (APRA) today revoked the licence for Beacon Funds Management Limited to act as an approved trustee under Section 28(1) of the Superannuation Industry (Supervision) Act 1993.

On 29 August 2002, after reporting a material breach of its $5m minimum capital requirement, Beacon gave APRA an enforceable undertaking to transfer its superannuation funds under trusteeship to a new approved trustee by no later than 15 November 2002 (refer MR 02-32).

The transfer of trusteeship to Trust Company Superannuation Services Limited was effected 15 November 2002.

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.