Diversa Trustees oversees dozens of small superannuation funds, but some have collapsed in recent years.
At the time, ASIC said Diversa’s reliance on third parties to run many of the day-to-day operations of its fund meant it had failed to take appropriate action on the activities of the banned adviser.. He alleges the company breached the Fair Work Act when it withdrew a promised promotion after his complaints about Diversa’s “poor monitoring and oversight of its regulatory obligations”.APRA on Tuesday also cited concerns about high fees and poor investment performance.
Diversa is now required to implement a plan to address “persistently high” fees and in turn improve member outcomes, and enhance its governance and risk frameworks with a focus on third party service providers. APRA has also ordered Diversa to conduct an independent review to ensure the regulator’s concerns have been addressed.
“The inherent complexity of the independent trustee model, with one trustee having oversight over a substantial number of funds, sub-funds and products, requires significant resourcing to ensure quality member outcomes,” APRA deputy chairman Margaret Cole said. “These licence conditions set the minimum standard for governance, risk, outsourcing and oversight, and member outcomes to ensure that Diversa is in the best position to continue as a trustee in the long term.”
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