APRA imposes licence conditions on Fiducian over data accuracy issues - InvestorDaily

APRA imposes licence conditions on Fiducian over data accuracy issues

 15 July 2024

APRA has imposed additional licence conditions on Fiducian to address data accuracy concerns ahead of the annual superannuation performance test.

In a statement on Monday, the prudential regulator said it has imposed additional licence conditions on Fiducian Portfolio Services Limited to address data accuracy and completeness concerns ahead of the annual superannuation performance test, affecting its management of Fiducian Superannuation Service with 8,770 members and $2.57 billion in assets.

The regulator explained that the action comes after issues were identified with the accuracy and completeness of data submitted previously, which, it said, raised concerns about FPSL’s ability to identify, assess, monitor, and submit accurate data.

Under the terms of the new licence conditions, which came into force from 15 July 2024, FPSL must:

- take reasonable steps to ensure that an expert completes a review of the accuracy and completeness of data submitted ahead of the 2024 performance test;

- develop and implement a remediation plan, to be approved by APRA, to address any recommendations or areas of concern identified by the expert; and

- provide APRA with an attestation regarding the accuracy of data and governance processes for data submissions.

“APRA places a high degree of reliance on the quality and accuracy of the data we receive to drive greater transparency of the industry and strengthen the accountability of trustees to act in the best financial interests of their members," said APRA deputy chair Margaret Cole.

"This includes the data submitted for the annual performance test, a powerful tool used by APRA to hold trustees to account for fund performance, fees and costs".