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 tutelage, AMG Super and Super Simplifier. ETSL filed nine reports 50 days late for AMG Super and six reports 38 days late for Super Simplifier for the quarter ended September 30, 2023.
APRA deputy chair Margaret Cole said that by issuing the fine, APRA wanted to send a clear message to the industry about the importance of timely data submission.
ETSL has until July 3, 2024 to pay the fine.