APRA issues direction and applies licence conditions on NULIS

Phillip Sweeney made this Freedom of Information request to Australian Prudential Regulation Authority

This request has been closed to new correspondence from the public body. Contact us if you think it ought be re-opened.

The request was refused by Australian Prudential Regulation Authority.

Dear Australian Prudential Regulation Authority,

Following the findings of the Hayne Royal Commission APRA issued directions and imposed additional registrable entity licence conditions on NULIS Nominees (Australia) Ltd.

The first document I seek is a copy of the document (or documents) that contains these directions and additional licence conditions on NULIS Nominees (Australia) Ltd.

I also seek a copy of any correspondence from NULIS to APRA agreeing to the directions and licence conditions and providing guidance on an implementation timeline.

Yours faithfully,

Phillip Sweeney

Freedom of Information, Australian Prudential Regulation Authority

1 Attachment

Dear Mr Sweeney,

 

I acknowledge receipt of your FOI request dated 2 September 2020. We are
processing your request and will respond soon.

 

Regards,

 

FOI OFFICER

T 02 9210 3000 | E [1][APRA request email]

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY
1 Martin Place (Level 12), Sydney, NSW 2000
GPO Box 9836, Sydney, NSW 2001
T 02 9210 3000 | W [2]www.apra.gov.au

[3]Title: Australian Coat of Arms and APRA logo

 

 

-----Original Message-----
From: Phillip Sweeney <[FOI #6676 email]>
Sent: Wednesday, 2 September 2020 4:01 PM
To: Freedom of Information <[email address]>
Subject: Freedom of Information request - APRA issues direction and
applies licence conditions on NULIS

 

Dear Australian Prudential Regulation Authority,

 

Following the findings of the Hayne Royal Commission APRA issued
directions and imposed additional registrable entity licence conditions on
NULIS Nominees (Australia) Ltd.

 

The first document I seek is a copy of the document (or documents) that
contains these directions and additional licence conditions on NULIS
Nominees (Australia) Ltd.

 

I also seek a copy of any correspondence from NULIS to APRA agreeing to
the directions and licence conditions and providing guidance on an
implementation timeline.

 

Yours faithfully,

 

Phillip Sweeney

 

-------------------------------------------------------------------

 

Please use this email address for all replies to this request:

[4][FOI #6676 email]

 

Is [5][APRA request email] the wrong address for Freedom of Information
requests to Australian Prudential Regulation Authority? If so, please
contact us using this form:

[6]https://www.righttoknow.org.au/change_re...

 

This request has been made by an individual using Right to Know. This
message and any reply that you make will be published on the internet.
More information on how Right to Know works can be found at:

[7]https://www.righttoknow.org.au/help/offi...

 

If you find this service useful as an FOI officer, please ask your web
manager to link to us from your organisation's FOI page.

 

 

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References

Visible links
1. mailto:[APRA request email]
2. http://www.apra.gov.au/
4. mailto:[FOI #6676 email]
5. mailto:[APRA request email]
6. https://www.righttoknow.org.au/change_re...
7. https://www.righttoknow.org.au/help/offi...

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Freedom of Information, Australian Prudential Regulation Authority

2 Attachments

Dear Mr Sweeney,

 

Please find attached APRA's Notice of Decision dated 30 September 2020.

 

Kind regards,

 

FOI OFFICER

T 02 9210 3000 | E [1][APRA request email]

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY
1 Martin Place (Level 12), Sydney, NSW 2000
GPO Box 9836, Sydney, NSW 2001
T 02 9210 3000 | W [2]www.apra.gov.au

[3]Title: Australian Coat of Arms and APRA logo

 

 

-----Original Message-----
From: Phillip Sweeney <[FOI #6676 email]>
Sent: Wednesday, 2 September 2020 4:01 PM
To: Freedom of Information <[email address]>
Subject: Freedom of Information request - APRA issues direction and
applies licence conditions on NULIS

 

Dear Australian Prudential Regulation Authority,

 

Following the findings of the Hayne Royal Commission APRA issued
directions and imposed additional registrable entity licence conditions on
NULIS Nominees (Australia) Ltd.

 

The first document I seek is a copy of the document (or documents) that
contains these directions and additional licence conditions on NULIS
Nominees (Australia) Ltd.

 

I also seek a copy of any correspondence from NULIS to APRA agreeing to
the directions and licence conditions and providing guidance on an
implementation timeline.

 

Yours faithfully,

 

Phillip Sweeney

 

-------------------------------------------------------------------

 

Please use this email address for all replies to this request:

[4][FOI #6676 email]

 

Is [5][APRA request email] the wrong address for Freedom of Information
requests to Australian Prudential Regulation Authority? If so, please
contact us using this form:

[6]https://www.righttoknow.org.au/change_re...

 

This request has been made by an individual using Right to Know. This
message and any reply that you make will be published on the internet.
More information on how Right to Know works can be found at:

[7]https://www.righttoknow.org.au/help/offi...

 

If you find this service useful as an FOI officer, please ask your web
manager to link to us from your organisation's FOI page.

 

 

-------------------------------------------------------------------

 

--------------------------------------------------------------------------

IMPORTANT NOTICE:

This e-mail is intended solely for the person or organisation to whom it
is addressed, and may contain secret, confidential or legally privileged
information.

If you have received this e-mail in error or are aware that you are not
authorised to have it, you MUST NOT use or copy it, or disclose its
contents to any person. If you do any of these things, you may be sued or
prosecuted.

If you have received this e-mail in error, please contact the sender
immediately.

--------------------------------------------------------------------------

References

Visible links
1. mailto:[APRA request email]
2. http://www.apra.gov.au/
4. mailto:[FOI #6676 email]
5. mailto:[APRA request email]
6. https://www.righttoknow.org.au/change_re...
7. https://www.righttoknow.org.au/help/offi...

hide quoted sections

Dear Australian Prudential Regulation Authority,

Please pass this on to the person who conducts Freedom of Information reviews.

I am writing to request an internal review of the Australian Prudential Regulation Authority's handling of my FOI request 'APRA issues direction and applies licence conditions on NULIS'.

In the judgment handed down in the Federal Court of Australia on the 11 September 2020 {ASIC v NULIS and MLC Nominees [2020] FCA 1306}, NULIS was found guilty of:

- Failing to all things necessary to ensure that the financial services covered by its Australian Financial Services Licence Number 236465 were provided efficiently, honestly and fairly, and thereby contravened s 912A(1)(a) of the Corporations Act 2001;
- Since 1 July 2016, engaging in conduct in relation to financial services that was misleading or deceptive or was likely to mislead or deceive and thereby contravened s 1041H of the Corporations Act 2001 and s 12DA of the ASIC Act 2001.

This is no trivial finding for a trustee that administers over $100 billion in retirement savings for working Australians.

It is a matter of public interest as to what are the additional licence conditions imposed by APRA on a trustee who has been found guilty of failing to act honestly.

APRA must give regulatory approval for the sale of MLC Ltd the owner of NULIS to IOOF Holdings Ltd

How can members of the public and other "gatekeepers" alert APRA to an alleged contravention of any of the additional licence conditions if these conditions are kept secret?

Default licence conditions are not a 'secret"

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 29E
Conditions imposed on all licences and on groups of licences

Basic licence conditions Include compliance with "RSE licensee law".

"RSE licensee law" means:

(a) this Act or the regulations; and

(aa) prudential standards; and

(b) the Financial Sector (Collection of Data) Act 2001 ; and

(c) the Financial Institutions Supervisory Levies Collection Act 1998 ; and

(d) the provisions of the Corporations Act 2001 listed in a subparagraph of paragraph (b) of the definition of regulatory provision in section 38A of this Act or specified in regulations made for the purposes of subparagraph (b)(xvi) of that definition, as applying in relation to superannuation interests; and

(e) any other provisions of any other law of the Commonwealth specified in regulations made for the purposes of this paragraph.

APRA cannot claim that some licence conditions are public knowledge {which apply to all trustees - even honest ones), while additional licence conditions that have been imposed on a dishonest trustee following the findings of a Royal Commission are subject to "secrecy provisions".

A full history of my FOI request and all correspondence is available on the Internet at this address: https://www.righttoknow.org.au/request/a...

Yours faithfully,

Phillip Sweeney

Freedom of Information, Australian Prudential Regulation Authority

1 Attachment

Dear Mr Sweeney,

 

I acknowledge receipt of your FOI Internal Review request dated 30
September 2020. We are processing your request and will respond soon.

 

Regards,

 

FOI OFFICER

T 02 9210 3000 | E [1][APRA request email]

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY
1 Martin Place (Level 12), Sydney, NSW 2000
GPO Box 9836, Sydney, NSW 2001
T 02 9210 3000 | W [2]www.apra.gov.au

[3]Title: Australian Coat of Arms and APRA logo

 

 

-----Original Message-----
From: Phillip Sweeney <[FOI #6676 email]>
Sent: Wednesday, 30 September 2020 5:24 PM
To: Freedom of Information <[email address]>
Subject: Internal review of Freedom of Information request - APRA issues
direction and applies licence conditions on NULIS

 

Dear Australian Prudential Regulation Authority,

 

Please pass this on to the person who conducts Freedom of Information
reviews.

 

I am writing to request an internal review of the Australian Prudential
Regulation Authority's handling of my FOI request 'APRA issues direction
and applies licence conditions on NULIS'.

 

In the judgment handed down in the Federal Court of Australia on the 11
September 2020 {ASIC v NULIS and MLC Nominees [2020] FCA 1306}, NULIS was
found guilty of:

 

-           Failing to all things necessary to ensure that the financial
services covered by its Australian Financial Services Licence Number
236465 were provided efficiently, honestly and fairly, and thereby
contravened s 912A(1)(a) of the Corporations Act 2001;

-           Since 1 July 2016, engaging in conduct in relation to
financial services that was misleading or deceptive or was likely to
mislead or deceive and thereby contravened s 1041H of the Corporations Act
2001 and s 12DA of the ASIC Act 2001.

 

This is no trivial finding for a trustee that administers over $100
billion in retirement savings for working Australians.

 

It is a matter of public interest as to what are the additional licence
conditions imposed by APRA on a trustee who has been found guilty of
failing to act honestly.

 

APRA must give regulatory approval for the sale of MLC Ltd the owner of
NULIS to IOOF Holdings Ltd

 

How can members of the public and other "gatekeepers" alert APRA to an
alleged contravention of any of the additional licence conditions if these
conditions are kept secret?

 

Default licence conditions are not a 'secret"

 

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 29E Conditions
imposed on all licences and on groups of licences

 

Basic licence conditions Include compliance with "RSE licensee law".

 

"RSE licensee law" means:

 

(a)  this Act or the regulations; and

 

(aa)  prudential standards; and

 

(b)  the Financial Sector (Collection of Data) Act 2001 ; and

 

(c)  the Financial Institutions Supervisory Levies Collection Act 1998 ;
and

 

(d)  the provisions of the Corporations Act 2001 listed in a subparagraph
of paragraph (b) of the definition of regulatory provision in section 38A
of this Act or specified in regulations made for the purposes of
subparagraph (b)(xvi) of that definition, as applying in relation to
superannuation interests; and

 

(e)  any other provisions of any other law of the Commonwealth specified
in regulations made for the purposes of this paragraph.

 

APRA cannot claim that some licence conditions are public knowledge {which
apply to all trustees - even honest ones), while additional licence
conditions that have been imposed on a dishonest trustee following the
findings of a Royal Commission are subject to "secrecy provisions".

 

A full history of my FOI request and all correspondence is available on
the Internet at this address:
[4]https://www.righttoknow.org.au/request/a...

 

Yours faithfully,

 

Phillip Sweeney

 

 

 

-------------------------------------------------------------------

Please use this email address for all replies to this request:

[5][FOI #6676 email]

 

This request has been made by an individual using Right to Know. This
message and any reply that you make will be published on the internet.
More information on how Right to Know works can be found at:

[6]https://www.righttoknow.org.au/help/offi...

 

If you find this service useful as an FOI officer, please ask your web
manager to link to us from your organisation's FOI page.

 

-------------------------------------------------------------------

 

--------------------------------------------------------------------------

IMPORTANT NOTICE:

This e-mail is intended solely for the person or organisation to whom it
is addressed, and may contain secret, confidential or legally privileged
information.

If you have received this e-mail in error or are aware that you are not
authorised to have it, you MUST NOT use or copy it, or disclose its
contents to any person. If you do any of these things, you may be sued or
prosecuted.

If you have received this e-mail in error, please contact the sender
immediately.

--------------------------------------------------------------------------

References

Visible links
1. mailto:[APRA request email]
2. http://www.apra.gov.au/
4. https://www.righttoknow.org.au/request/a...
5. mailto:[FOI #6676 email]
6. https://www.righttoknow.org.au/help/offi...

hide quoted sections

Freedom of Information, Australian Prudential Regulation Authority

2 Attachments

Dear Mr Sweeney,

 

Please find attached APRA's Internal Review Notice of Decision dated 28
October 2020.

 

Regards,

 

FOI OFFICER

T 02 9210 3000 | E [1][APRA request email]

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY
1 Martin Place (Level 12), Sydney, NSW 2000
GPO Box 9836, Sydney, NSW 2001
T 02 9210 3000 | W [2]www.apra.gov.au

[3]Title: Australian Coat of Arms and APRA logo

 

 

-----Original Message-----
From: Phillip Sweeney <[FOI #6676 email]>
Sent: Wednesday, 30 September 2020 5:24 PM
To: Freedom of Information <[email address]>
Subject: Internal review of Freedom of Information request - APRA issues
direction and applies licence conditions on NULIS

 

Dear Australian Prudential Regulation Authority,

 

Please pass this on to the person who conducts Freedom of Information
reviews.

 

I am writing to request an internal review of the Australian Prudential
Regulation Authority's handling of my FOI request 'APRA issues direction
and applies licence conditions on NULIS'.

 

In the judgment handed down in the Federal Court of Australia on the 11
September 2020 {ASIC v NULIS and MLC Nominees [2020] FCA 1306}, NULIS was
found guilty of:

 

-           Failing to all things necessary to ensure that the financial
services covered by its Australian Financial Services Licence Number
236465 were provided efficiently, honestly and fairly, and thereby
contravened s 912A(1)(a) of the Corporations Act 2001;

-           Since 1 July 2016, engaging in conduct in relation to
financial services that was misleading or deceptive or was likely to
mislead or deceive and thereby contravened s 1041H of the Corporations Act
2001 and s 12DA of the ASIC Act 2001.

 

This is no trivial finding for a trustee that administers over $100
billion in retirement savings for working Australians.

 

It is a matter of public interest as to what are the additional licence
conditions imposed by APRA on a trustee who has been found guilty of
failing to act honestly.

 

APRA must give regulatory approval for the sale of MLC Ltd the owner of
NULIS to IOOF Holdings Ltd

 

How can members of the public and other "gatekeepers" alert APRA to an
alleged contravention of any of the additional licence conditions if these
conditions are kept secret?

 

Default licence conditions are not a 'secret"

 

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 29E Conditions
imposed on all licences and on groups of licences

 

Basic licence conditions Include compliance with "RSE licensee law".

 

"RSE licensee law" means:

 

(a)  this Act or the regulations; and

 

(aa)  prudential standards; and

 

(b)  the Financial Sector (Collection of Data) Act 2001 ; and

 

(c)  the Financial Institutions Supervisory Levies Collection Act 1998 ;
and

 

(d)  the provisions of the Corporations Act 2001 listed in a subparagraph
of paragraph (b) of the definition of regulatory provision in section 38A
of this Act or specified in regulations made for the purposes of
subparagraph (b)(xvi) of that definition, as applying in relation to
superannuation interests; and

 

(e)  any other provisions of any other law of the Commonwealth specified
in regulations made for the purposes of this paragraph.

 

APRA cannot claim that some licence conditions are public knowledge {which
apply to all trustees - even honest ones), while additional licence
conditions that have been imposed on a dishonest trustee following the
findings of a Royal Commission are subject to "secrecy provisions".

 

A full history of my FOI request and all correspondence is available on
the Internet at this address:
[4]https://www.righttoknow.org.au/request/a...

 

Yours faithfully,

 

Phillip Sweeney

 

 

 

-------------------------------------------------------------------

Please use this email address for all replies to this request:

[5][FOI #6676 email]

 

This request has been made by an individual using Right to Know. This
message and any reply that you make will be published on the internet.
More information on how Right to Know works can be found at:

[6]https://www.righttoknow.org.au/help/offi...

 

If you find this service useful as an FOI officer, please ask your web
manager to link to us from your organisation's FOI page.

 

-------------------------------------------------------------------

 

--------------------------------------------------------------------------

IMPORTANT NOTICE:

This e-mail is intended solely for the person or organisation to whom it
is addressed, and may contain secret, confidential or legally privileged
information.

If you have received this e-mail in error or are aware that you are not
authorised to have it, you MUST NOT use or copy it, or disclose its
contents to any person. If you do any of these things, you may be sued or
prosecuted.

If you have received this e-mail in error, please contact the sender
immediately.

--------------------------------------------------------------------------

References

Visible links
1. mailto:[APRA request email]
2. http://www.apra.gov.au/
4. https://www.righttoknow.org.au/request/a...
5. mailto:[FOI #6676 email]
6. https://www.righttoknow.org.au/help/offi...

hide quoted sections