AUSTRALIA - The Australian Prudential Regulation Authority (APRA) has removed the corporate trustee for the Smith Group Superannuation Fund on the basis that it was operating the fund under a structure not compliant with super legislation.
APRA said Reno Auto Sales (Holdings) Pty Ltd was replaced by Melbourne-based PPB Corporate Services Pty Ltd as the acting trustee of the fund pursuant to section 133 of the Superannuation Industry (Supervision) Act 1993 (SIS Act).
“The acting trustee has been directed to lodge all outstanding returns and wind-up the affairs of the fund,” APRA said in a statement.
“The matter had come to APRA’s attention through its dissolution scheme for uncontactable superannuation funds, which seeks to identify entities that fail to lodge returns and meet other statutory requirements of the SIS Act.”
APRA deputy chairman Ross Jones said that a “capacity and willingness” to meet the operational requirements of the SIS Act were a cornerstone of the prudential monitoring of the superannuation industry.
APRA is the prudential regulator of the financial services industry in Australia. Inquiries into the operation of the fund, the former trustee and the remaining director continue.
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