SYDNEY, Feb. 11 -- Australian Prudential Regulation Authority issued the following media release:
The Australian Prudential Regulation Authority (APRA) has taken further action to address material prudential concerns identified with United Super Pty Ltd (United Super) and to support improved outcomes for its members.
United Super is the trustee for Construction and Building Unions Superannuation Fund (Cbus), which has over 920,000 member accounts and around $100 billion in funds under management.
APRA has taken steps to ensure that its prudential concerns from a recent prudential review and the issues identified from the independent expert report published in November 2024 are addressed through:
* APRA's acceptance of a court en...