SYDNEY, Dec. 18 -- Australian Prudential Regulation Authority issued the following media release:
The Australian Prudential Regulation Authority (APRA) has accepted a court enforceable undertaking (CEU) from Netwealth Superannuation Services Pty Ltd (Netwealth) to address material weaknesses in its investment governance framework and practices.
Netwealth has around 115,000 member accounts andover $40 billionin funds under management.
This action follows APRA's recent thematic review of the investment governance, strategic planning and member outcomes practices of superannuation trustees that offer platforms, which identified deficiencies in Netwealth's onboarding due diligence and monitoring of investment options, as well as management o...