Infringement notices
This register records infringement notices served by APRA since 1 August 2019.
APRA has the power to serve infringement notices under the Superannuation Industry (Supervision) Act 1993 (SIS Act) and the Financial Sector (Collection of Data) Act 2001 (FSCODA).
APRA’s Infringement Notice Guidelines provide background information and general guidance on APRA’s approach to issuing infringement notices under the SIS Act and FSCODA.
Details of the notices served by APRA are set out below:
| Date issued | Name of entity | Relevant Act and section | Alleged conduct | Penalty | Media release |
|---|---|---|---|---|---|
| 17 July 2024 | OnePath Custodians Pty Limited | Section 29WA(3) of the SIS Act | 684 offences for failure to treat contributions as contributions to be paid into a MySuper product in circumstances where no directions were given in relation to the contributions. | $10,704,600 | APRA issues $10.7 million infringement notice and accepts court enforceable undertaking from OPC |
| 4 June 2024 | Equity Trustees Superannuation Limited | Subsection 13(9) of FSCODA | 678 daily offences for failure to give reporting documents to APRA within the timeframes required | $782,500 | APRA fines Equity Trustees for failing to meet data reporting requirements |
| 4 July 2023 | BNK Banking Corporation Limited | Subsection 13(9) of FSCODA | 96 daily offences for failure to give reporting documents to APRA within the timeframes required | $247,500 | APRA fines BNK for failing to meet data reporting requirements |
| 14 June 2023 | OnePath Custodians Pty Limited | Section 29WA(3) of the SIS Act | 125 offences for failure to treat contributions as contributions to be paid into a MySuper product in circumstances where no directions were given in relation to the contributions | $1,464,350 | APRA fines OnePath Custodians for failing to direct member contributions to a MySuper Product |
| 8 August 2019 | Capital Finance Australia Limited | Subsection 13(9) of FSCODA | 335 daily offences for failure to give reporting documents to APRA within the timeframes required | $703,500 | APRA fines Westpac for failing to meet legal reporting requirements |
| 8 August 2019 | St George Finance Holdings Limited | Subsection 13(9) of FSCODA | 146 daily offences for failure to give reporting documents to APRA within the timeframes required | $306,600 | APRA fines Westpac for failing to meet legal reporting requirements |
| 8 August 2019 | Westpac Banking Corporation | Subsection 13(9) of FSCODA | 234 daily offences for failure to give reporting documents to APRA within the timeframes required | $491,400 | APRA fines Westpac for failing to meet legal reporting requirements |