APRA’s investigation stemmed from the royal commission’s view that NULIS may have made decisions that were not in members’ best interests around fees for no service, migration of certain cohorts of its members into MySuper products, and grandfathering fee arrangements.
While APRA hasn’t concluded that NULIS breached the Superannuation Industry Act, its investigation raised concerns about NULIS’ internal processes.
NULIS must now record how it considers members’ best interests when making decisions that materially affect their interests, and address prudential concerns APRA identified in its supervision of NULIS which were corroborated in an independent report undertaken by Deloitte.
“NULIS has agreed to implement the actions required under the directions and the additional licence conditions in a timely manner,” APRA said in a statement.
