The Australian Prudential Regulation Authority (APRA) is asking the trustees of 32 superannuation funds to provide information regarding their licensing, or face termination from their positions.
All the trustees on the regulator's hit list have failed to apply for an APRA license, a requirement imposed by the Superannuation Industry Supervision (SIS) Act 1993.
These trustees have until July 2, 2008, to contact APRA regarding the matter. If they do not comply they face being removed from the funds in question, and replaced with APRA appointed acting trustees.
The superannuation watch dog views the initiative as a necessary move to ensure all funds are properly regulated.
"These funds have had no contact with APRA and we need to ensure that they are being governed properly by a trustee for the full benefit of the fund members," APRA deputy chair Ross Jones said.
Under the SIS Act superannuation funds are not allowed to receive member contributions after June 30, 2006, unless the fund has been registered and the fund trustees granted an APRA license.
