Govt’s pointed messages to ASIC and APRA

Mike Taylor

Managing Editor and Publisher

17 July 2026

ANALYSIS

The Government has sent a clear signal to superannuation fund trustees that they remain under scrutiny along with strong nudges of ASIC and APRA.

The signal has been sent via the Treasurer, Jim Chalmer’s release of statements of expectations for both the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC).

While the annual statements of expectations can generally be regarded as a recitation of motherhood statements on the part of the Government, this year the Government has reflected the political heat it is feeling around superannuation fund oversight in the context of the collapse of the Shield and First Guardian funds.

In the case of APRA, the statement reflects not only concerns around superannuation governance and expenditure, but it also specifically mentions platform investment governance.

Outlining the “goals” that APRA should support the statement lists “taking decisive action where systemic prudential or member outcome risks and failures in governance or risk management, have the potential to cause significant harm such as through the recent issues in platform investment governance”.

It then goes on to list “ensuring increased transparency of member outcomes, performance, and expenditure by the superannuation sector”.

The reference to platform investment governance appears to be a direct reflection of the Government’s concerns about the degree to which the regulators appeared late to the party with respect to the Shield and First Guardian collapses and the exposure of platforms such as Netwealth, Macquarie Investment Management, EQT and Diversa.

The statement of expectations directed at ASIC is less specific with respect to superannuation than that directed at APRA, but it does reflect the Government’s concern that the regulator should act early.

Among the “goals” it expects ASIC to pursue is: “allocating sufficient resourcing to surveillance, supervision and enforcement to ensure effective deterrence and early detection of misconduct, and the enforcement of matters in the public interest”.

It also sets the goal of “promoting a stable, secure and efficient superannuation system for members through monitoring and enforcing high standards of superannuation member services and retirement outcomes”.