The Australian Prudential Regulation Authority (APRA) has varied the additional licence conditions imposed on BUSS (Queensland) Pty Ltd as the trustee for The Building Unions Superannuation Scheme (Queensland) (BUSSQ). The conditions, imposed on 13 August 2024, require BUSSQ to appoint an independent third party to review BUSSQ's fit and proper processes and expenditure management practices.
The conditions have been varied to update the timeframes for BUSSQ's compliance, to provide additional detail to BUSSQ about the operation of the conditions and to enable the work contemplated in the conditions to be commenced by BUSSQ as soon as possible. BUSSQ was afforded procedural fairness in relation to the variation.
APRA imposed the conditions to safeguard the interests of members, to ensure APRA's prudential concerns could be addressed effectively and expeditiously, and to ensure transparency in BUSSQ's response to APRA's concerns.
In August 2024, BUSSQ applied to the Federal Court for judicial review of APRA's decision to impose the conditions. APRA agreed at that time to suspend the effect of the conditions until the Court's determination of the matter on the basis BUSSQ requested an expedited hearing. His Honour Justice Derrington dismissed BUSSQ's application and on 20 February 2025 ordered BUSSQ to pay APRA's costs. BUSSQ appealed Justice Derrington's decision on 18 February 2025.
BUSSQ has informed APRA that it has decided to discontinue its appeal and BUSSQ has undertaken to APRA to commence the work contemplated by the varied conditions.
