The Australian Prudential Regulation Authority has imposed additional licence conditions on Fiducian Portfolio Services Limited, trustee of the Fiducian Superannuation Fund, after identifying prudential concerns with its investment governance frameworks and practices, oversight of platform investment options and board effectiveness. Fiducian, which has around 9,779 member accounts and more than AUD 3.1 billion under management, was found to have deficiencies in onboarding new investment options, monitoring and reporting, conflicts management (including where related-party service providers offer, manage or advise on options) and board governance and oversight. The conditions take effect on 2 April 2026 and require independent expert reviews covering certain high-risk products and Fiducian’s investment governance and conflicts frameworks, as well as a review of the effectiveness of its board and board committees. Fiducian must implement uplift plans, provide APRA assurance that remediation is complete and effective, and re-assess its investment menu against enhanced onboarding and monitoring requirements, while refraining from onboarding certain new high-risk options until an independent expert confirms adequate onboarding and an accountable person attests that all reasonable steps were taken to ensure members’ best financial interests. Deputy Chair Margaret Cole linked the action to APRA’s October 2025 warning that supervisory intensity would escalate for platform trustees and said APRA will continue to coordinate with the Australian Securities and Investments Commission. In a related letter to platform trustees, APRA set expectations arising from its thematic review (covering trustees responsible for almost 95% of superannuation platform assets) to strengthen onboarding, ongoing monitoring and remedial action and member transfer practices with reference to Prudential Standards SPS 530 Investment Governance and SPS 515 Strategic Planning and Member Outcomes. Each in-scope trustee will receive an individual assessment letter, and all platform trustees are required to determine necessary actions and timing, consider whether any prudential standards and obligations have been breached and inform APRA accordingly, and review Financial Accountability Regime accountabilities (which applied to trustees from 15 March 2025), with the regulator signalling escalation where improvements are assessed as inadequate and possible further enhancements to standards and guidance.

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