The Australian Prudential Regulation Authority (APRA) has imposed additional licence conditions on Equity Trustees Superannuation Limited (ETSL) to address prudential concerns with its investment governance frameworks and practices, including oversight of platform investment options made available to members. ETSL acts as trustee for 11 registrable superannuation entities and has around 649,000 member accounts with more than AUD 37 billion in funds under management. Effective 18 December 2025, ETSL must appoint an independent expert to conduct separate reviews of its platforms’ investment menus and its investment governance framework, develop and implement an uplift plan to remediate identified gaps and provide APRA with assurance or attestation that actions are complete and effective, and then reassess its investment menu against the enhanced requirements to confirm the ongoing suitability of each investment option. ETSL must also refrain from onboarding certain new high-risk investment options until an independent expert confirms the option has been processed through the uplifted onboarding approach and an accountable person attests that all reasonable steps were taken to ensure the option is in members’ best financial interests. The intervention follows APRA’s thematic review of “Platform Trustees”, which highlighted weaknesses in ETSL’s onboarding processes, investment selection criteria and due diligence, monitoring and reporting frameworks, conflict management, and independent analysis of information from investment managers and external research and rating agencies. APRA noted the action builds on its 7 October 2025 public letter on escalating supervisory intensity for platform trustees and will be coordinated closely with the Australian Securities and Investments Commission.

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