The Minister for Financial Services & Superannuation has approved a grant of financial assistance under Part 23 of Superannuation Industry (Supervision) Act 1993 to the trustee of an APRA-regulated fund as a result of loss suffered as a result of fraudulent conduct or theft.

The grant of financial assistance will provide approx. $55 million in financial assistance to the acting trustee of 4 superannuation funds previously managed by Trio Capital Limited which invested funds in Caribbean investments which have been lost.

The new trustee appointed by APRA will be responsible for the equitable distribution to the superannuation accounts of affected superannuation fund members with investments in Trio’s managed investment scheme, the Astarra Strategic Fund.

SMSFs which invested in Astarra will not receive compensation.

The grant of financial assistance will be recovered by way of a levy on regulated superannuation funds under the Superannuation (Financial Assistance Funding) Levy Act 1993.

The Minister’s announcement
ASIC’s announcement