The Australian Prudential Regulation Authority has concluded its court enforceable undertaking with OnePath Custodians Pty Limited after confirming that the superannuation trustee fulfilled all its obligations. APRA also lifted the AUD 40 million overlay on OnePath’s existing Operational Risk Financial Requirement assets. The undertaking, accepted in July 2024, required OnePath to identify affected members, rectify compliance deficiencies and make reasonable efforts to provide remediation after it failed to direct default member contributions to a MySuper product. OnePath, one of four superannuation trustees in the Insignia Financial Group, has about 365,000 members and more than AUD 39 billion in funds under management.
2026-09-01Australian Prudential Regulation Authority
Australian Prudential Regulation Authority concludes OnePath undertaking and lifts AUD 40 million risk overlay
The Australian Prudential Regulation Authority has concluded its court enforceable undertaking with OnePath Custodians after confirming that the trustee met all its obligations. It also lifted a AUD 40 million operational risk capital overlay imposed in connection with deficiencies involving default contributions to MySuper products.