The Australian Prudential Regulation Authority (APRA) has announced that it has accepted an Enforceable Undertaking from Strategic Capital Superannuation Services Pty Ltd, the Perth-based Trustee of Strategic Capital Superannuation Fund (the Fund). It has also commenced an investigation into the affairs of the Fund, which will provide a comprehensible picture of its financial position and establish whether any of members funds are at risk

The Fund has approximately 500 members and $24 million in assets.

APRA General Manager, Mr Stephen Glenfield, said that the Trustees had acknowledged the regulators concerns in relation to a number of possible contraventions of the Superannuation Industry (Supervision) Act 1993 (the Act) and other prudential matters, including corporate governance and fund investments, and were working in cooperation with APRA.

We commenced the investigation to determine the nature and magnitude of any breaches of the Act and the Enforceable Undertaking effectively freezes the Fund while we complete that task, he said.

APRA views enforceable undertakings as an effective means of addressing specific weaknesses in a superannuation fund within a prescribed time limit and without imposing an undue financial burden.

They impose a useful discipline on the parties and can, if it proves necessary, be enforced by application to the Federal Court, Mr Glenfield said.

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.

For further information:	Media Enquiries only:
APRA Call Centre	Susan Morey
1300 131 060	APRA - Public Affairs
	02 9210 3384
	0438 124 524