The Australian Prudential Regulation Authority (APRA) has published a letter to platform superannuation trustees setting out findings and required actions from a thematic review and urging trustees to accelerate efforts to protect members’ investments in platform products. The intervention follows recent events including the Shield and First Guardian managed investment schemes being made available through some platforms and Macquarie Investment Management Ltd’s commitment to compensate members who invested in Shield via its platform. APRA’s review covered platform trustees collectively responsible for almost 95 per cent of superannuation platform assets, a segment where members invest around AUD 397 billion, representing 13.1 per cent of APRA-regulated superannuation fund assets and 28.1 per cent of choice sector assets, with platform investments growing around 14.5 per cent in the 12 months to June 2025. The letter calls for higher standards in onboarding, ongoing monitoring and promoting member outcomes, and highlights weaker and better industry practices. Trustees are required to confirm Financial Accountability Regime (FAR) accountabilities, consider whether they have breached prudential standards and obligations, and develop a time-bound action plan to lift standards. APRA said it will escalate supervisory intensity and may take robust regulatory action where needed, and noted it will consider further enhancements to relevant prudential standards and guidance as part of its ongoing focus on platform trustees. The update also references coordination with the Australian Securities and Investments Commission, including ASIC-led enforcement action relating to Equity Trustees Superannuation Limited and a joint CEO roundtable with platform trustees held on 27 August 2025.

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