The Federal Court of Australia has dismissed the judicial review application of industry fund BUSSQ.
The application endeavoured to prevent APRA’s decision to impose additional licence conditions on BUSSQs.
The additional conditions were imposed to address concerns about BUSSQ’s fitness and propriety processes and fund expenditure management after allegations of misconduct within the Construction, Forestry and Maritime Employees Union (CFMEU) came out along with steps taken by state and federal governments and the Fair Work Commission.
The conditions meant BUSSQ is required to engage an independent expert to review its processes for assessing the fitness and propriety of its responsible persons and the processes for ensuring all expenditure is made in the best interests of members and make the findings of that review publicly available.
APRA had agreed to suspend the additional conditions until the final determination of the proceedings and now intends to continue the work of the initial additional licence conditions as quickly as possible.