The Federal Court of Australia has today dismissed the judicial review application of BUSS (Queensland) Pty Ltd (BUSSQ), which sought to set aside APRA's decision to impose additional licence conditions on BUSSQ, announced on 14 August 2024.
The additional licence conditions were imposed to address prudential concerns regarding BUSSQ's fitness and propriety processes and fund expenditure management in light of allegations of serious misconduct within the Construction, Forestry and Maritime Employees Union (CFMEU) and the steps taken by state and federal governments and the Fair Work Commission.
APRA Deputy Chair Margaret Cole said: "APRA initiated this action to support improved member outcomes and APRA will now move expeditiously to make sure the work required by the additional licence conditions is completed."
Under the additional licence conditions, which APRA agreed to suspend until the final determination of the proceeding, BUSSQ is required to engage an independent expert to review BUSSQ's processes for assessing the fitness and propriety of its responsible persons and the processes for ensuring that expenditure is made in the best financial interests of members, and to make the findings of that independent review public.
APRA intends to progress the work contemplated by the additional licence conditions as quickly as possible, subject to any applicable review process.
