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Equity Trustees cops $780k fine over data reporting failures
Equity Trustees Superannuation Limited (ETSL) has been fined $782,500 by APRA for failing to meet its legal obligations to report data to the regulator.
In issuing the fine, APRA wanted to send a clear message to the industry on the importance of submitting data on time, explained deputy chair Margaret Cole.
According to APRA, ETSL breached the requirements of the Financial Sector (Collection of Data) Act 2001 (FSCODA) by failing to report data by the required deadlines for two funds under its trusteeship.
ETSL lodged 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.
“We expect all entities to be compliant with our reporting standards to ensure APRA always has the most up-to-date information to effectively monitor the safety and stability of Australia’s banking, insurance and superannuation systems,” said Cole.
“Notwithstanding the highly outsourced nature of the superannuation industry, accountability for meeting regulatory obligations sits with trustees.
“APRA expects trustees to maintain appropriate oversight of service providers, which includes ensuring the provider is adequately resourced to meet requirements.”
ETSL has until 3 July 2024 to pay the fine.
In a statement to the ASX on Wednesday, Equity Trustees said it accepts the required reporting standards were not met and emphasised no members were impacted by the late reporting of the data.
“Steps were taken immediately with the fund administrator once it became clear that they were not able to meet the required deadline, with ETSL promptly informing the regulator and maintaining communication throughout on progress to address the situation,” it said.
“Equity Trustees took all prudent and reasonable steps to abide by the conditions of the relevant Act. In this instance Equity Trustees sought to prioritise accurate reporting of data, rather than meeting the required time frame.”
It added that EQT Holdings Limited, of which ETSL is a subsidiary, “does not expect to incur any financial liability in respect of the infringement.”
AUTHOR
Rhea Nath
Rhea L Nath is a journalist on Super Review and InvestorDaily, with a focus on funds management, superannuation, and institutional investment. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
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