APRA has imposed additional licence conditions on Fiducian Portfolio Services to address data-related concerns ahead of this year’s Your Future Your Super performance test.
Fiducian Portfolio Services is the trustee of Fiducian Superannuation Service, which has 8770 members and $2.57 billion in assets under management.
The action comes after issues were identified with the accuracy and completeness of data submitted previously, which raised concerns about the trustee’s ability to identify, assess, monitor, and submit accurate data.
Under the terms of the new licence conditions, which came into force from 15 July 2024, Fiducian Portfolio Services must:
- Take reasonable steps to ensure that an expert completes a review of the accuracy and completeness of data submitted ahead of the 2024 YFYS performance test;
- Develop and implement a remediation plan, to be approved by APRA, to address any recommendations or areas of concern identified by the expert; and
- Provide APRA with an attestation regarding the accuracy of data and governance processes for data submissions.
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