The Australian Prudential Regulation Authority (APRA) is seeking information on 32 superannuation funds whose Trustees have failed to apply to APRA to be licensed. It proposes to remove the Trustees from the superannuation funds unless they contact APRA.
APRA today placed a public notice in The Australian newspaper listing the 32 superannuation funds. Their Trustees’ failure to apply to APRA to be licensed is a breach of the Superannuation Industry (Supervision) Act 1993 (SIS Act).
Unless the Trustees contact APRA by Wednesday 2 July 2008, APRA may remove them as Trustees in accordance with the SIS Act and appoint Acting Trustees to the funds.
APRA Deputy Chairman, Ross Jones, says the impending action is necessary to ensure all superannuation funds are regulated. ‘These funds have had no contact with APRA and we need to ensure that they are being governed properly by a Trustee for the full benefit of the fund members.’
The Trustees of the 32 funds, or any former trustee or service provider with knowledge of one of the funds, should immediately contact the APRA Enforcement Manager either by phone (02) 9210 3000, by email van.nguyen@apra.gov.au, or writing to GPO Box 9836, Sydney, 2001.
The list of the 32 funds whose Trustees have failed to apply to APRA to be licensed is as follows:
| Superannuation fund | Superannuation fund number |
| The Morris Hook Private Pension Fund | 330453956 |
| ESP Personnel Pty Ltd Executive Superannuation Fund | 329994953 |
| Lusi Investments Pty Ltd Superannuation Fund | 319125958 |
| Simon McCaffrey Pty Limited Superannuation Fund | 234124942 |
| Prescient Employees Superannuation Fund | 327860956 |
| Rig Richard Superannuation Fund No 2 | 328340951 |
| Dr Edward G Bosch Superannuation Fund | 325906950 |
| Palinto Park Pty Limited Superannuation Fund | 339540950 |
| Hoiberg Family Superannuation Fund | 332599957 |
| Becnic Pty Ltd Superannuation Fund | 320670950 |
| Berger & Martinez Superannuation Fund | 323527955 |
| Gordon & Annette Ford Superannuation Fund | 293173940 |
| Elliott Steel & Machinery Superannuation Fund | 326566953 |
| Desaro Constructions Pty Ltd Super Plan | 277304946 |
| Sydney Flooring Pty Limited Employees Superannuation Fund | 166592947 |
| Michael F Clarkin Superannuation Fund | 262724943 |
| Lane Superannuation Fund | 334491950 |
| Rowles Dey Executives Retirement Fund No3 | 319577953 |
| Brown Management Services Trust Super Fund | 335089959 |
| Town & Country Employees Provident Fund | 321151956 |
| James Parker Family Trust Superannuation Benefits Fund | 331388950 |
| The John Henshaw Constructions Pty Ltd Superannuation Fund | 172014941 |
| Williams No 1 Trust Staff Super Fund | 184789943 |
| BMD Superannuation Fund | 337690959 |
| Camtror Lintera Superannuation Fund | 281621949 |
| Thirteenth Vemalux Pty Ltd Superannuation Fund | 201474947 |
| Sitzwohl Superannuation Fund | 420001963 |
| Lim Superannuation Fund | 438138970 |
| The Sailfill Pty Ltd Superannuation Fund | 263085947 |
| Steven Chopping Superannuation Fund | 338799958 |
| JB Costigan Private Superannuation Fund | 317661955 |
| Cohen Superannuation Fund | 435605978 |
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 $3 trillion in assets for 21 million Australian depositors, policyholders and superannuation fund members.
Media and industry inquiries only:
Andrew McCutcheon, Public Affairs Manager
Australian Prudential Regulation Authority
Telephone: 02 9210 3143
Mobile: 0417 528 660
All other inquiries:
APRA Contact Centre 1300 131 060.
