SYDNEY, April 1 -- Australian Prudential Regulation Authority issued the following media release:
The Australian Prudential Regulation Authority (APRA) has imposed additional licence conditions on Fiducian Portfolio Services Limited (Fiducian) to address prudential concerns relating to its investment governance frameworks and practices, including oversight of platform investment options made available to members, and its board's effectiveness in discharging its duties and obligations.
Fiducian is trustee of the Fiducian Superannuation Fund and has approximately 9,779 member accounts and over $3.1 billion in funds under management.
The imposition of additional licence conditions follows APRA's thematic review of the investment governance,...