SYDNEY, Feb. 19 -- Australian Prudential Regulation Authority issued the following media release:
Australian Prudential Regulation Authority (APRA) imposed additional licence conditions on BUSS (Queensland) Pty Ltd as the trustee for The Building Unions Superannuation Scheme (Queensland) (BUSSQ)in August 2024 to safeguard the interests of members, to ensure prudential concerns could be addressed effectively and expeditiously and to ensure transparency in BUSSQ's response to such concerns.
The Board of BUSSQ decided to seek judicial review of APRA's decision in circumstances where it was on notice that an alternative and more cost effective avenue of review, internal review, was available. In a judgment handed down on 31 January 2025, his ...