The Australian Prudential Regulation Authority (APRA) has imposed additional license conditions on Fiducian Portfolio Services Limited (FPSL) to address data-related concerns ahead of this year’s annual superannuation performance test.
FPSL is the trustee of the Fiducian Superannuation Service, which has 8,770 members and $2.57 billion in assets under management.
The action comes after issues were identified with the accuracy and completeness of previously submitted data, raising concerns about FPSL’s ability to identify, assess, monitor and submit accurate data.
Under the terms of the new license conditions, which came into force from 15 July 2024, FPSL must:
- take reasonable steps to ensure that an expert completes a review of the accuracy and completeness of the data submitted prior to the 2024 performance test;
- develop and implement a remedial plan, to be approved by APRA, to address any recommendations or areas of concern identified by the expert; and
- provide APRA with assurance on data accuracy and governance processes for data submission.
APRA Deputy Chair Margaret Cole said:
“All administrators must have the necessary systems and controls in place to provide an accurate date to APRA.”