Suggested Posts

NULIS meets licensing conditions

NAB superannuation fund trustee, NULIS Nominees, has met their licensing conditions according to the release of KPMG’s independent expert’s December report.

The report is a summary of five reports dating back to 2017, when prior to the Royal Commission hearings, the corporate regulator imposed licensing conditions on NULIS Nominees for what the regulator identified as breakdowns in internal procedures.

The following year, the regulator took both NULIS and MLC Nominees to the Federal Court, alleging both trustees ‘misled’ customers with their MLC Master Key Super Products.

The primary focus of the report was to consider the seven following areas:

  1. The ‘three lines of defence’ risk management model and risk management reporting;

  2. NULIS’s oversight of NWMSL, internal governance and communication systems;

  3. Product change and governance processes and procedures;

  4. Disclosure and reporting to members;

  5. Processes for managing conflicts of interest;

  6. Processes for complying with the specific obligations outlined in the Licence Conditions; and

  7. Supervision of personnel and processes to assess the adequacy of human and technological resources of NWMSL.

A statement from ASIC indicated that NULIS has met all the licensing conditions and recommendations and has now also met the additional licensing conditions.

“ASIC remains engaged with NULIS as NULIS seeks to continue to improve its operations and address recommendations made by the Financial Services Royal Commission. ASIC is also currently taking legal proceedings against NULIS,” the corporate regulator said.

No tags yet.

©2018-2019 by The GRC Institute - Governance, Risk & Compliance.  ABN: 42862119377