The Australian Prudential Regulation Authority (APRA) has imposed additional licence conditions on Diversa Trustees Limited to address prudential concerns with its investment governance framework and practices, including oversight of platform investment options made available to members. The action follows APRA’s thematic review of platform superannuation trustees, which identified deficiencies at Diversa in onboarding new investment options, operational due diligence, investment option monitoring and reporting, and conflicts of interest management. Diversa, which is trustee for 10 registrable superannuation entities covering about 291,000 member accounts and more than AUD 15 billion in funds under management, must appoint an independent expert to conduct separate reviews of its platforms’ investment menus and investment governance, develop and implement an uplift plan and provide APRA with assurance or attestation that remediation is complete and effective, and re-review its investment menus against enhanced governance requirements to assess the ongoing suitability of certain options. Effective 23 December 2025, Diversa must also refrain from onboarding new high-risk investment options unless it applies an enhanced due diligence process overseen by the independent expert and an accountable person attests that the option is in members’ best financial interests. APRA indicated it will continue coordinating with the Australian Securities and Investments Commission on weaknesses identified among platform trustees.

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