The Australian Prudential Regulation Authority (APRA) has fined Equity Trustees Superannuation Limited (ETSL) $782,500 for failing to meet its legal obligations to report data 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, AMG Super and Super Simplifier. 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.
APRA Deputy Chair Margaret Cole said that by issuing the fine, APRA wanted to send a clear message to industry of the importance of submitting data on time.
ETSL has until 3 July 2024 to pay the fine.
