[no bill text published] Ministerial Approval and Oversight Requirements for Fidelity Fund Scheme Trustees
Building Legislation Amendment (Fidelity Fund) Bill 2025
Introduced by: Joshua Burgoyne (CLP)
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