The Australian Prudential Regulation Authority (APRA) has varied additional licence conditions imposed on BUSS Queensland Pty Ltd as trustee for The Building Unions Superannuation Scheme (Queensland) (BUSSQ), which require BUSSQ to appoint an independent third party to review its fit and proper processes and expenditure management practices. The variation updates compliance timeframes, adds detail on how the conditions operate and is intended to allow the required work to commence as soon as possible. The conditions were originally imposed on 13 August 2024 to safeguard members’ interests, ensure APRA’s prudential concerns could be addressed effectively and expeditiously, and ensure transparency in BUSSQ’s response. BUSSQ sought judicial review in the Federal Court and APRA agreed to suspend the effect of the conditions pending the Court’s determination, with the application ultimately dismissed by Justice Derrington and a costs order made against BUSSQ on 20 February 2025; BUSSQ has since informed APRA it will discontinue its appeal. APRA noted BUSSQ was afforded procedural fairness in relation to the variation. BUSSQ has undertaken to commence the work contemplated by the varied conditions, including the independent third-party review.
Australian Prudential Regulation Authority 2025-03-13
Australian Prudential Regulation Authority varies BUSSQ licence conditions and updates timeframes for independent reviews of fit and proper and expenditure management
The Australian Prudential Regulation Authority (APRA) updated licence conditions for BUSS Queensland Pty Ltd, trustee for The Building Unions Superannuation Scheme (Queensland) (BUSSQ), requiring an independent review of its fit and proper processes and expenditure management. Initially imposed in August 2024, these conditions faced a judicial review, which was dismissed. BUSSQ will begin work under the revised conditions.