Following the announcement of its dissolution scheme for uncontactable superannuation funds late last year, the Australian Prudential Regulation Authority (APRA) today announced that it has wound-up 396 funds and disqualified their trustees.  

APRA will also issue summonses against the trustees of a further 300 funds for failure to lodge past annual regulatory returns within the required time frame.

Under the Superannuation Industry (Supervision) Act 1993, all APRA regulated superannuation funds are obliged to lodge returns within the prescribed time frame. Failure to lodge a return is an offence, making trustees liable for prosecution by APRA. As a result of changes made to the legislation in 2001, it is now an offence of strict liability.

Under the dissolution scheme, APRA published a list of 466 uncontactable funds in December 2003 and advised any trustee or superannuation member who identified their fund on the list to immediately contact the regulator.

APRA Deputy Chairman, Mr Ross Jones, said that the 396 funds in the wind-up scheme had failed to identify themselves to APRA.

“The assets of these funds will transfer to the individual members on 5 April 2004 in accordance with the scheme’s provisions,” he said. “On this date, these funds will cease to exist, meaning they will no longer be regulated by APRA or eligible to claim superannuation tax concessions.”

Mr Jones added: “The approximately 65 remaining funds have either provided the required information to APRA or have undertaken to do so in the immediate future.”

The list of funds in the dissolution scheme is available at:

http://www.apra.gov.au/Superannuation/Un-contactable-Superannuation-Entities.cfm and will be also published in a national newspaper advertisement on 19 February 2004.

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. APRA is funded largely by the industries that it supervises. It was established on 1 July 1998. APRA currently supervises institutions holding approximately $1.7 trillion in assets for 20 million Australian depositors, policyholders and superannuation fund members.

Media and industry inquiries only:	Sue Morey Head of Public Affairs Australian Prudential Regulation Authority Telephone: 02 9210 3384 Mobile: 0438 124 524
All other inquiries:	APRA Contact Centre 1300 131 060