What did ASIC find in its review of super trustees?

ASIC found that superannuation platform trustees managing A$305 billion had gaps in monitoring advice fees, investment risks, and unusual account activity, with some failing to run checks in certain months despite high rates of issues being detected.

Why is ASIC concerned about superannuation platform trustees?

ASIC is concerned because weak oversight by trustees could expose members to harmful advice fees, fraud risks, and poor investment outcomes, particularly as platform-managed super funds have grown to A$396 billion.

What specific failures did ASIC identify in trustees’ oversight?

ASIC identified failures including weak controls on advice fees, limited checks on advice documents, poor understanding of adviser business models, and inadequate monitoring of risks like member churn and unusual fund flows.

What actions has ASIC taken against super trustees?

ASIC has launched civil proceedings against Equity Trustees and Diversa Trustees, while Macquarie Investment Management paid about A$321 million to affected members and Netwealth paid over A$100 million in compensation linked to earlier failures.

What is ASIC requiring trustees to do next?

ASIC is requiring trustees to review and improve their monitoring systems, strengthen fee controls, and report suspected misconduct, stating it may take enforcement action if significant non-compliance continues.

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ASIC flags A$300b super oversight failures

Written by Liezl GambePublished Jun 29, 2026, 12:16 AM

- ASIC review found persistent gaps in how trustees monitor risks across A$300 billion in super savings
- Regulator warns failures could expose members to harmful fees, fraud risks, and poor oversight practices
- ASIC says trustees must strengthen controls and monitoring as platform funds continue to grow

The Australian Securities and Investments Commission (ASIC) has warned that platform trustees overseeing more than A$300 billion in superannuation savings have persistent gaps in risk monitoring, raising concerns about member protection.

The findings, detailed in ASIC Report 833, follow a review of six trustees covering around A$305 billion and 977,000 member accounts, representing roughly three quarters of platform-managed super assets.

“It’s clear some trustees are not doing enough to protect their members, despite repeated warnings from ASIC and APRA about the dangers of poor oversight,” said ASIC Commissioner Simone Constant.

ASIC identified weak controls on advice fees, limited checks on advice documents, and poor monitoring of unusual investment patterns, with some trustees conducting no checks in certain months despite a 75% adverse finding rate.

The regulator stated trustees should strengthen oversight and risk controls to prevent harm, adding that enforcement action may follow where non-compliance is identified, and there is no listed share price reaction tied directly to the announcement.

ASIC said platform super assets grew from A$123 billion to A$396 billion over the 10 years to June 2025, while advice fees rose four-fold to A$2.3 billion over the same period.

Recent enforcement actions include proceedings against Equity Trustees and Diversa Trustees, a Federal Court ruling against Macquarie Investment Management, and more than A$100 million in compensation paid by Netwealth tied to earlier super fund failures.