APRA imposes additional licence conditions on superannuation trustee NULIS

National Australia Bank Limited (NAB) has been informed by its Superannuation Trustee, NULIS Nominees (Australia) Ltd (NULIS) that additional licence conditions have been imposed by the Australian Prudential Regulation Authority (APRA) on the Registrable Superannuation Entity (RSE) Licence held by NULIS.

APRA did not find NULIS had breached the Superannuation Industry (Supervision) Act.

The licence conditions require NULIS to uplift aspects of its governance and control environment. In addition, they also require NULIS to improve the way in which it records its consideration of members’ best interests and priority covenants when making decisions that may materially affect members.

With respect to the Royal Commission Referrals, APRA has not made findings in relation to the Grandfathered Commissions Referral or ADA Referral.

NULIS cooperated with APRA and has already commenced implementation of a number of the actions required under the licence conditions.



Related Articles

  • Full Year Results

NAB 2021 Full Year Results

NAB Group Chief Executive Officer Ross McEwan today released NAB’s 2021 Full Year Results and Annual Review.

  • 09.11.2021
  • Time to read 1 min read
  • Announcements

Port of Newcastle Hydrogen Hub

  • 08.11.2021
  • Time to read 1 min read
  • Climate

NAB receives HRH The Prince of Wales’ Terra Carta Seal in recognition of commitment to creating a sustainable future

NAB was awarded the inaugural 2021 Terra Carta Seal by His Royal Highness the Prince of Wales at the UN Climate Change Conference (COP26) in Glasgow.

  • 04.11.2021
  • Time to read 2 min read

Quick links

National Australia Bank — NAB

Sometimes When The Unexpected Happens, We Realise What We Truly Value. Whether A Home, Farm, Business Or Your Passion, NAB Is Here To Support You.

Business Research and Insights

For more business news and analysis, visit NAB’s Business Research and Insights.