The Australian Prudential Regulation Authority has varied the additional licence conditions on BUSS Queensland Pty Ltd, as trustee for The Building Unions Superannuation Scheme Queensland (BUSSQ), updating compliance timeframes and clarifying how the conditions will operate so the required work can commence as soon as possible. The conditions require BUSSQ to appoint an independent third party to review BUSSQ’s fit and proper processes and expenditure management practices. The conditions were originally imposed on 13 August 2024 to safeguard members’ interests, address APRA’s prudential concerns expeditiously and ensure transparency in BUSSQ’s response. BUSSQ sought judicial review in the Federal Court and APRA suspended the effect of the conditions pending the Court’s determination; Justice Derrington dismissed the application and ordered BUSSQ to pay APRA’s costs on 20 February 2025. BUSSQ filed an appeal on 18 February 2025 but has since informed APRA it will discontinue the appeal and has undertaken to begin the work contemplated by the varied conditions.
Australian Prudential Regulation Authority 2025-03-13
Australian Prudential Regulation Authority varies BUSSQ trustee licence conditions to reset compliance timelines after appeal is discontinued
The Australian Prudential Regulation Authority has updated the licence conditions for BUSS Queensland Pty Ltd, requiring the appointment of an independent third party to review its processes, following a Federal Court decision dismissing BUSSQ's judicial review application. BUSSQ has discontinued its appeal and will commence the required work under the varied conditions.