APRA fines Equity Trustees for failing to meet reporting obligations
The Australian Prudential Regulation Authority (APRA) has fined Equity Trustees Superannuation Limited (ETSL) $782,500.
The Australian Prudential Regulation Authority (APRA) has fined Equity Trustees Superannuation Limited (ETSL) $782,500 for failing to comply with its legal obligation to report data to APRA.
ETSL breached the Financial Sector (Data Collection) Act 2001 (FSCODA) by failing to report data for two funds it hosts, AMG Super and Super Simplifier, within the required deadline. For the quarter ending 30 September 2023, ETSL was 50 days late in filing nine reporting forms for AMG Super and 38 days late in filing six reporting forms for Super Simplifier.
APRA Vice President Margaret Cole said that by issuing the fines, APRA wanted to send a clear message to the industry about the importance of submitting data on time.
ETSL has until 3 July 2024 to pay the penalty.
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