EUA chief executive Mike Foster
Analysis of monthly BUS data indicates that, in recent months, the number of applications has increasingly outpaced the number of redemptions. The most recent figures show a notable divergence, with the gap between applications and completed redemptions reaching one of the highest levels recorded to date.
Year-to-date comparisons suggest that this pattern may be strengthening. For the period January to May 2026, the cumulative difference between applications and redemptions is larger than in the same period in 2025, indicating that application volumes are rising faster than redemptions are being processed.
EUA chief executive Mike Foster, who has raised the issue said: “The data suggests something is not quite right with the scheme and how it is administered. Looking at the trends, it suggests the gap between the number of application and redemptions is growing. This warrants further attention.
“We want to ensure that any underlying causes are better understood, including whether the pattern reflects operational factors, timing effects, or changes in the profile of applications. We have drawn any conclusions yet. However, highlighting the trend at this stage is intended to support ongoing monitoring of scheme performance and to ensure that any emerging issues are identified early.”