The Australian Prudential Regulation Authority has imposed additional licence conditions on HTFS Nominees Pty Limited, trustee of HUB24 Super Fund, after a thematic review found prudential weaknesses in how it selects, oversees and monitors platform investment options and in its conflicts management and member outcomes framework. Effective 29 May 2026, the action requires independent review and remediation and prevents HTFS from onboarding certain new high-risk investment options unless additional checks are completed. APRA identified weak and inconsistently applied selection criteria for new investment options, inadequate operational and investment due diligence and documentation, ineffective monitoring and reporting, governance arrangements with limited independent trustee voice where group conflicts may arise, and insufficient oversight of member outcomes, including controls to minimise harm to previously advised members. HTFS, which has about 165,000 member accounts and more than AUD 55 billion in funds under management, must appoint an independent expert to review its investment menu and frameworks for investment governance, conflicts management, strategic objectives and member outcomes, implement an uplift plan and provide APRA assurance that remediation is complete and effective, and reassess the ongoing suitability of each investment option against enhanced investment governance requirements. The conditions will continue to apply even if HUB24 Limited completes its proposed acquisition of HTFS. In parallel, APRA told all in-scope platform trustees from its broader review, which covered almost 95% of superannuation platform assets, to strengthen onboarding, ongoing monitoring, and remedial action and member transfer frameworks, consider whether they have breached prudential standards, and review Financial Accountability Regime accountabilities. APRA will issue individual assessment letters, escalate supervision where needed, and consider further changes to prudential standards and guidance.
Australian Prudential Regulation Authority2026-05-29
Australian Prudential Regulation Authority imposes additional licence conditions on HTFS Nominees over platform investment governance and member outcomes deficiencies
The Australian Prudential Regulation Authority has imposed additional licence conditions on HTFS Nominees Pty Limited, trustee of HUB24 Super Fund, after a review found weaknesses in investment option selection and oversight, conflicts management and member outcomes frameworks. HTFS must appoint an independent expert to review and remediate these frameworks, reassess each investment option’s suitability, and is restricted from onboarding certain high-risk options without extra checks, with conditions continuing if HUB24 Limited’s proposed acquisition proceeds. APRA also directed other platform trustees to strengthen onboarding, monitoring and remediation frameworks and will escalate supervision where necessary.