Watchdog Orders HESTA Pension to Conduct Review After Outage
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Australia’s financial regulator has ordered pension fund HESTA to conduct independent reviews following a prolonged outage that it said harmed members.
The Australian Prudential Regulation Authority imposed the extra license conditions after HESTA’s shift to a new administrative services provider triggered a “severe” disruption to member services, the regulator said Thursday. The outage lasted around seven weeks until the switch was completed in June.