The Australian Prudential Regulation Authority (APRA) has imposed additional licence conditions on Mercer Superannuation (Australia) Limited (Mercer Super) to ensure it addresses risk management and compliance management deficiencies identified by APRA.
Mercer Super is the trustee of Mercer Super Trust and Mercer Portfolio Service Superannuation Plan, which have approximately 850,000 members and over $70 billion in funds under management.
The risk management and compliance management deficiencies were identified as part of APRA’s ongoing prudential supervision of the trustee, which included a prudential review conducted in October 2023.
Mercer Super has subsequently acknowledged significant breaches of prudential standards SPS 220 Risk Management (SPS 220), SPS 231 Outsourcing (SPS 231) and SPS 232 Business Continuity Management (SPS…
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