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APRA fines Equity Trustees for failing to meet data reporting requirements

The Australian Prudential Regulation Authority (APRA) has fined Equity Trustees Superannuation Limited (ETSL) $782,500 for failing to meet its legal obligations to report data to APRA.

ETSL breached the requirements of the Financial Sector (Collection of Data) Act 2001 (FSCODA) by failing to report data by the required deadlines for two funds under its trusteeship, AMG Super and Super Simplifier. ETSL lodged nine reporting forms 50 days late for AMG Super and six reporting forms 38 days late for Super Simplifier for the quarter ended 30 September 2023.

APRA Deputy Chair Margaret Cole said that by issuing the fine, APRA wanted to send a clear message to industry of the importance of submitting data on time.

“We expect all entities to be compliant with our reporting standards to ensure APRA always has the most up-to date information to effectively monitor the safety and stability of Australia’s banking, insurance and superannuation systems.

Notwithstanding the highly outsourced nature of the superannuation industry, accountability for meeting regulatory obligations sits with trustees. APRA expects trustees to maintain appropriate oversight of service providers, which includes ensuring the provider is adequately resourced to meet requirements,” Ms Cole said.

ETSL has until 3 July 2024 to pay the fine.

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Contact APRA Media Unit, on +61 2 9210 3636

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For more information contact APRA on 1300 558 849.

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.