BUSSQ requests court review of APRA-imposed conditions
Just one week after it had additional licence conditions imposed by the Australian Prudential Regulation Authority (APRA), industry super fund BUSS (Queensland) has applied to the Federal Court of Australia to have the decision reviewed.
On 14 August, in the latest development of regulatory actions taken in relation to allegations against the Construction, Forestry and Maritime Employees Union (CFMEU), United Super and BUSSQ had the additional licence conditions imposed as the trustees for the the Construction and Building Unions Superannuation Fund (Cbus), and the Building Unions Superannuation Scheme and the BUSS (Queensland) Pooled Superannuation Trust, respectively.
In a short statement, APRA said it intended to contest BUSSQ’s application.
However, the regulator did agree to “suspend the effect of the licence conditions” until the court completes its review of the matter and releases its findings. According to APRA, BUSSQ had also requested an expedited hearing from the Federal Court.
Cbus has approximately 923,000 members and $92 billion in funds under management (FUM), while BUSSQ representes approximately 73,000 members and $6.7 billion in FUM.
Of course, can’t expect APRA or ASIC to actually really do anything against Industry / Union / Bikkie Super Funds.
They are allowed to do whatever they want