27 Aug 2020

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.

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