Equity Trustees hit with APRA fine over data reporting failure

APRA has fined Equity Trustees $782,500 for failing to meet its legal obligations to report data to the regulator. 

APRA found that Equity Trustees breached requirements of the Financial Sector (Collection of Data) Act 2001 by failing to report data by the required deadlines for two funds under its trusteeship, AMG Super and Super Simplifier.  

The trustee filed the nine reporting forms 50 days late for AMG Super and six reporting forms 38 days late for Super Simplifier for the quarter ended 30 September 2023.