The Australian Prudential Regulation Authority (APRA) reported that the Federal Court of Australia has dismissed BUSS (Queensland) Pty Ltd (BUSSQ)’s judicial review application seeking to overturn APRA’s decision to impose additional licence conditions announced on 14 August 2024. With the proceedings concluded, APRA indicated it will move quickly to complete the work required under those conditions. The additional licence conditions were imposed to address prudential concerns about BUSSQ’s fitness and propriety processes and its management of fund expenditure, in light of allegations of serious misconduct within the Construction, Forestry and Maritime Employees Union (CFMEU) and related actions by state and federal governments and the Fair Work Commission. BUSSQ must engage an independent expert to review its processes for assessing the fitness and propriety of responsible persons and ensuring expenditure is in members’ best financial interests, and must make the findings public; APRA had agreed to suspend the conditions pending the final determination. APRA stated it intends to progress the work contemplated by the conditions as quickly as possible, subject to any applicable review process.
Australian Prudential Regulation Authority 2025-01-31
Australian Prudential Regulation Authority moves to enforce additional BUSSQ licence conditions after Federal Court dismisses judicial review
The Federal Court of Australia dismissed BUSS (Queensland) Pty Ltd's judicial review against APRA's decision to impose additional licence conditions. These address prudential concerns about BUSSQ's processes and fund management amid misconduct allegations. BUSSQ must engage an independent expert to review and publish findings. APRA will expedite implementing these conditions.