Tasplan has received its Registrable Superannuation Entity (RSE) Licence from the Australian Prudential Regulation Authority. (APRA)

APRA is the body established by the Commonwealth Government as the prudential regulator of the financial services industry.

Under recent reforms to the prudential framework for superannuation, trustees operating a superannuation fund were required to obtain an RSE licence and register their RSE with APRA by 30 June 2006 at the latest.

Tasplan now becomes one of a small number of Australian superannuation funds with an APRA licence.

Tasplan General Manager, Neil Cassidy said he was both delighted and relieved to have received the APRA licence.

"Unlike other funds which spent up to $200,000 of members' money by engaging external consultants to help them meet APRA's requirements, Tasplan staff undertook all of the work themselves." Cassidy said.

He said that doing it all in-house had taken the Fund longer, however, it had saved Tasplan members a significant sum and would deliver some valuable 'by-products.'

"By doing the 'hard yards' ourselves," Cassidy said " Tasplan staff now have a more detailed knowledge of Fund policies and APRA's regulatory regime."

According to Cassidy, APRA's licensing requirements are all about making sure that superannuation funds have in place appropriate policies and procedures.

"We needed to demonstrate that we had in place appropriate practices and controls over key operational areas including trustee duties, risk management strategies and plans and met appropriate resourcing and capital requirements."

"Although some funds have 'beat their drum' by suggesting that the licence has helped them do everything from cut costs to improving member services, in reality, it's simply about increasing the prudential management of funds in Australia." Cassidy said. "A goal which we strongly support as a fund."