Overview
- APRA found deficiencies in HESTA’s board governance and risk management during its transition to the outsourced GROW administration platform.
- Under the added licence conditions, HESTA must commission independent reviews of its risk management framework and the effectiveness of its board.
- The transition resulted in a severe, prolonged disruption that left about 1.1 million members unable to access key services, with delays continuing for some after restoration.
- HESTA chief executive Debby Blakey apologized to members and said the fund is cooperating fully with the regulator and working with its provider to improve service.
- Super Consumers Australia welcomed the enforcement action and urged the government to introduce mandatory customer service standards for super funds.