The Australian Prudential Regulation Authority (APRA) has set out the status of its August 2024 decision to impose additional licence conditions on BUSS (Queensland) Pty Ltd, the trustee of The Building Unions Superannuation Scheme (Queensland) (BUSSQ), amid ongoing legal challenges by the trustee. BUSSQ’s board sought judicial review of APRA’s decision despite having access to an internal review process. In a judgment handed down on 31 January 2025, Justice Derrington found BUSSQ should have used internal review rather than applying to the Federal Court for relief; the board has since challenged that decision and APRA is considering the notice of appeal. APRA linked the August 2024 licence conditions to prudential concerns about BUSSQ’s compliance with trustees’ obligations to act in members’ best financial interests and to maintain appropriate processes to assess the fitness and propriety of directors.
Australian Prudential Regulation Authority 2025-02-19
Australian Prudential Regulation Authority updates on BUSSQ trustee appeal linked to additional licence conditions
The Australian Prudential Regulation Authority (APRA) detailed its August 2024 decision to impose additional licence conditions on BUSS (Queensland) Pty Ltd, trustee of BUSSQ, amid legal challenges. Justice Derrington ruled on 31 January 2025 that BUSSQ should have pursued an internal review instead of Federal Court relief. The board has challenged this decision, and APRA is reviewing the appeal notice. The licence conditions relate to concerns about BUSSQ’s compliance with obligations to act in members’ best financial interests and assess directors' fitness and propriety.