The Australian Prudential Regulation Authority (APRA) has imposed additional licence conditions on Diversa Trustees Limited to address prudential concerns with its investment governance frameworks and practices, including oversight of platform investment options offered to superannuation members. The conditions follow APRA’s thematic review of superannuation platform trustees and reflect identified deficiencies at Diversa in onboarding processes, investment option monitoring and reporting, and conflicts management. APRA’s review highlighted a lack of sufficiently rigorous and consistently applied investment selection criteria for new options, concerns about the adequacy of operational due diligence for new options, and shortcomings in investment monitoring and reporting. Effective 23 December 2025, Diversa 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 with assurance or attestation to APRA that remediation is complete and effective, and re-review investment menus against enhanced governance requirements to assess the ongoing suitability of certain investment options. Diversa must also refrain from onboarding new high-risk investment options unless it follows an enhanced due diligence process overseen by the independent expert and an accountable person attests that onboarding is in members’ best financial interests. APRA indicated it will continue coordinating with the Australian Securities and Investments Commission on the regulatory response to weaknesses identified among platform trustees.

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