Prudential regulator APRA has removed additional licence conditions imposed on N.M. Super.
N.M. Super controls AMP Super, along with the Wealth Personal Superannuation and Pension Fund, with combined estimated net assets of $114 billion.
The additional licence was issued in 2019 to address a range of concerns regarding the trustee’s compliance with the Superannuation Industry (Supervision) Act 1993.
After further investigations in 2021, APRA agreed to accept a court enforceable undertaking from N.M. Super pledging to rectify governance and risk management deficiencies.
APRA is now satisfied that N.M. Super has completed the rectification work. The removal of the licence conditions is effective from Friday, 2 August.
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