Continuing with its hard-line attitude on enforcement, the Australian Prudential Regulation Authority (APRA) has wound up 396 super funds and disqualified their trustees as part of its dissolution scheme for uncontactable superannuation funds. The regulator also intends to issue summonses against the trustees of another 300 funds for failing to lodge past annual regulatory returns in time.

Last December APRA published a list of 466 uncontactable funds and advised all identified to immediately contact the regulator. It looks like only 70 got around to responding.

APRA Deputy Chairman Ross Jones says the assets of the funds will be transferred to members on April 5 and the funds will cease to exist from that date. “Approximately 65 remaining funds have either provided the required information to APRA or have undertaken to do so in the immediate future.”