[no bill text published] Ministerial approval and oversight requirements for fidelity fund scheme trustees
Building Legislation Amendment (Fidelity Fund) Bill 2025
Assembly
Links to official parliament websites
Effects of this bill
If this bill passes, it means that:
The Minister must approve a person before they can serve as a trustee for a fidelity fund scheme
Applicants must provide evidence that they meet eligibility criteria to get this approval
The Minister can revoke a trustee's approval if the person breaks the law or prudential standards
The Minister can appoint a public sector employee as an observer for a scheme
Trustees must let the observer attend meetings; they must give the observer access to all documents
Trustees must notify the Minister in writing within 14 days if a trustee resigns
The Minister can demand information about how a scheme is managed; this includes details on service contracts and certificates