The Australian Prudential Regulation Authority (APRA) has published a letter to superannuation platform trustees setting out findings and required actions from its thematic review of platforms, and calling on trustees to accelerate efforts to safeguard members’ investments held in platform products. The intervention follows recent events including ASIC’s investigation and enforcement action related to the collapse of the Shield and First Guardian managed investment schemes, 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% of superannuation platform assets. The letter calls for higher standards in onboarding, ongoing monitoring and promoting member outcomes, sets out observations on weaker and current better industry practices, and requires trustees to confirm Financial Accountability Regime (FAR) accountabilities, consider whether they have breached prudential standards and obligations, and determine a time-bound plan to lift standards. APRA noted platforms account for around AUD 397 billion of member investment, or 13.1% of APRA-regulated superannuation fund assets and 28.1% of choice sector assets, with platform investments growing around 14.5% in the 12 months to June 2025. APRA said it will escalate supervision intensity to ensure trustees take appropriate steps and will take robust regulatory action as necessary. As part of its ongoing supervisory focus on platform trustees, APRA will consider further enhancements to relevant prudential standards and guidance, alongside continued coordination with ASIC, including a joint roundtable convened with platform trustee CEOs on 27 August 2025.

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