SYDNEY, Nov. 27 -- Australian Prudential Regulation Authority issued the following media release:
The Australian Prudential Regulation Authority (APRA) has imposed additional licence conditions on Australian Ethical Superannuation Pty Ltd (AES), the trustee for the Australian Ethical Retail Superannuation Fund, to address concerns regarding its expenditure management.
The conditions follow APRA's intensified scrutiny of fund expenditure1 which has included an APRA review of AES's related-party expenditure practices.
APRA's review identified deficiencies regarding the robustness of AES's approach to related-party expenditure, particularly in relation to investment management agreements with its parent company, Australian Ethical Investmen...