Licensing guidelines for superannuation institutions

Licensing process at a glance
 

Engaging early with APRA's licensing team is highly recommended. This helps prospective applicants understand the licensing process, clarify expectations and identify potential issues before lodging an application.  

The pre-application process is structured to support applicants in refining their business plans and receive feedback to ensure alignment with APRA's prudential requirements. This stage typically involves several engagements where APRA provides feedback and understands your readiness to apply. Key focus areas include governance, ownership and controllers, financial resources, risk management, IT strategy, outsourcing, and contingency planning.

When ready, businesses submit their formal application with Board-approved documentation and pay the application fee. APRA begins its assessment when a substantial and high-quality set of material has been received. Applicants must provide detailed information about their ownership, financial position, governance and risk frameworks. The licensing assessment process is iterative, often taking 12-18 months, as APRA reviews, requests updates, and assesses the applicant’s ability to operate safely and soundly within the financial system.

Once APRA completes its review, a decision is typically issued within 90 days. If approved, licences may include conditions tailored to the specific business model. If declined, APRA will provide written reasons and information outlining review and appeal options.

After licensing, entities are subject to APRA's prudential standards, ongoing supervision, and annual levies. Entities must report regularly through APRA's data collection systems, promptly notify APRA of material changes, and comply with industry-specific disclosure and approval requirements. Additional conditions or reporting may apply depending on the licence type.
 
All licensed institutions are listed on APRA's public registers, supporting transparency and accountability across the financial system.

Read APRA's licensing process in more detail

Who needs a superannuation licence?

Under the Superannuation Industry (Supervision) Act 1993 (the SIS Act), if you intend to operate a registerable superannuation entity (RSE), you must hold an RSE licence issued by APRA.

RSEs include:

• APRA-regulated superannuation funds;
• small APRA funds (SAFs);
• approved deposit funds (ADFs); and
• pooled superannuation trusts (PSTs).

RSEs do not include exempt public sector superannuation schemes (EPSSS) or self-managed superannuation funds (SMSFs) regulated by the Australian Taxation Office.

Who can apply for an RSE license? 

A constitutional corporation, a body corporate that is not a constitutional corporation, and a group of individual trustees may apply for a licence. A group of individual trustees is licensed as a group. That is, individual trustees are not required to have a licence. The licence will be issued to the group of trustees.

RSE license classes

1. Public offer entity licence – Allows the licensee to operate a public offer RSE as defined in s.18 of the SIS Act (Note: this includes Small APRA Regulated Funds (SAFs)).
2. Non-public offer entity licence – Allows the licensee to be the trustee of RSEs which are not covered by the public offer entity licence, such as corporate superannuation funds. If you are a group of individual trustees you must nominate this licence class and you will be restricted to operating a non-public offer RSE.
3. Extended public offer entity licence – Allows the licensee to operate both public offer RSEs and non-public offer RSEs under one licence.
4. Acting Trustee licence – If APRA suspends or removes all of the trustees of a RSE, APRA must appoint a corporation or an individual to act as the trustee during the period of suspension or until the vacancy in the position of the trustee is filled. The appointee is called the ‘acting trustee’. Acting trustees must hold an acting trustee RSE licence issued by APRA.

Application guidelines

Information on APRA’s licensing process, including how and when to contact APRA, is available here.

For more information on the licensing of RSE trustees see the RSE licence instruction guide. The guidelines outline APRA’s licensing process for RSE trustees, including the minimum criteria to be addressed by applicants and the necessary information required to be lodged with an application.

Read the RSE licence instruction guide

Before you lodge your application for a RSE licence, ensure you have read and are familiar with the prudential framework for superannuation, including relevant legislation, prudential standards and prudential practice guides. You can find all of this information on the superannuation page.

Application forms

The applicable approved form should be completed and lodged with APRA with the required supporting information and applicable additional attachments.

Download RSE licence application form 

If APRA suspends or removes all of the trustees of a RSE, APRA must appoint a corporation or an individual to act as the trustee during the period of suspension or until the vacancy is filled. Currently APRAhas sufficient Acting Trustee licensees to enable it to appoint an acting Trustee should it need to do so. Should APRA’s requirements change, and more acting trustees be required, notice will be given on this website. If you have any queries about applying for an acting trustee licence please contact the licensing team licensing@apra.gov.au. 

Application fees

There are various application fees for an RSE licence application depending on the class of licence being applied for and whether a previous application has been made in the last 12 months. For more information and to determine the correct fee for your application, please see the Schedule of fees.

Change of details

Where an application has been lodged with APRA and changes have been made to the composition of the board or group of individual trustees before APRA has ruled on the application, you must notify APRA on the changes using the following approved forms.

Download RSEL – Notice of change – body corporate – 29C(6) form

Download RSEL – Notice of change – individual trustee – 29C(7) form

All RSEs must be registered with APRA prior to commencing operations. Trustees must have been granted an RSE licence to be able to register an RSE.

Although there is no requirement to do so, APRA strongly encourages you to submit a draft RSE registration form with your RSE licence application. While you cannot register an RSE until you are granted your RSE licence, by submitting a draft application form with your RSE licence application APRA can co-ordinate the registration with the granting of your RSE licence. The RSE can then commence operations as soon as your RSE licence is granted.

The same principle is applicable to the authorisation to offer a MySuper Product or an Eligible Rollover Fund. The authorisation under the SIS Act can only be issued to RSE licence holders. However, if you submit a draft application with your RSE licence application, APRA can co-ordinate the authorisation with your licence application. You will need to have registered for an AUSkey linked to your Trustee ABN to be able to access the online forms.

You can find out more about RSE registration and MySuper or ERF authorisation on the following webpages:

Learn how to register a superannuation entity

Learn more about applying for a MySuper or eligible rollover fund authorisation