The Australian Prudential Regulation Authority (APRA) has lifted additional license conditions imposed on AMP Limited's N.M. Superannuation, nearly five years after they were implemented. N.M. Super oversees the AMP Super Fund and the Wealth Personal Superannuation and Pension Fund, with combined net assets of $114 billion.
These conditions were originally imposed in 2019 due to governance and risk management concerns. Those shortcomings came to light through APRA's supervision of the fund and through Australia's Royal Commission into Misconduct in the Banking, Superannuation, and Financial Services Industry. In 2021, N.M. Super entered into a court-enforceable undertaking (CEU) with APRA, under which it was required to rectify its governance and risk management deficiencies.
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