Australian Pension Fund HUB24 Faces Regulatory Scrutiny
HUB24 Super Fund Under Increased Regulatory Scrutiny
Australia's prudential regulator APRA has tightened licensing conditions for the trustees of the HUB24 Super Fund, which manages A$55 billion ($39.39 billion) in assets. The fund faces scrutiny over deficiencies in its investment platform options and conflict of interest management.
APRA's Findings
APRA's review found deficiencies in how HUB24 adds new investment options, monitors and reports on those investments, and manages conflicts of interest. HUB24 stated that its investment governance and monitoring process is robust and aligned with best industry practice.
New Licensing Conditions
Under the tightened conditions, HUB24 must appoint an independent expert to review its platform investment options and develop a plan to address the shortfalls identified by APRA. The fund has 165,000 members.
The news, analyses, and comments on this platform do not constitute investment advice. When making investment decisions, you should conduct your own research and consult with a qualified financial advisor if necessary. FiNews cannot be held responsible for any losses that may arise from the use of this information.
More Headlines
Tokyo Core Inflation Slows, Remains Below BOJ Target
Tokyo Core Inflation Slows, Remains Below BOJ Target
…Nikkei May Rise on Hopes for U.S.-Iran Peace Deal
Nikkei May Rise on Hopes for U.S.-Iran Peace Deal
…Power Integrations Insiders Sold Shares Worth Over $1.8M
Power Integrations Insiders Sold Shares Worth Over $1.8M
…