FSC moves ahead of Govt with new platform Standard

Mike Taylor

Managing Editor and Publisher

17 April 2026

The Financial Services Council (FSC) has moved to get ahead of likely legislative and regulatory changes impacting its platform constituency by releasing its own “industry standard and guidance”.

Barely a week after the Treasury released three consultation papers, the FSC yesterday released the Wrap Superannuation Platform Trustee Investment and Adviser Governance Principles: Standard and Better Practice Guidance which it says sets out enhanced expectations for due diligence, ongoing monitoring of investment options, and oversight of financial advisers using platforms”.

Most of the major platforms companies are FSC members including Macquarie, BT, AMP Limited, Colonial First State, HUB24 and Netwealth with the FSC saying its members cover an estimated 89% of total platform FUM.

The FSC said the new Standard will commence from 1 July, with a six month transition period before full compliance is required from 1 January, next year.

According to FSC chief executive, Blake Briggs the standard “reflects the industry stepping up”.

“We are not waiting for legislative change but are acting now to uplift practices under existing laws,” he said.

The FSC’s said its new Standard strengths expectations around:

• initial due diligence of investment options, requiring trustees to assess the product issuer and investment manager across track record, governance, conflicts management, and disclosure.
• the use of holding limits, requiring trustees to consider limiting the amount of a member’s portfolio that can be invested in an option to manage concentration, liquidity and valuation risks.
• ongoing monitoring of investment options, with clear expectations for regular and trigger-based reviews against material changes in performance, risk and liquidity, and requiring defined escalation pathways where concerns emerge.
• governance of advice businesses using platforms, including the use of data to identify high-risk behaviours across advisers.
• oversight of advice fee deductions, requiring trustees to implement controls to detect and take action against inappropriate fee charging.
• protections for unadvised members, including limiting access to a simpler investment menu and issuing proactive, factual communications.

Briggs referenced the Treasury consultation process initiated by the Assistant Treasurer and Minister for Financial Services, Daniel Mulino and said that his organisation welcomed the consultations and intends for its industry-led standard to complement sensible regulatory reforms.

“In the wake of the Shield and First Guardian collapses, the industry has responded to the clear calls by the Minister and regulators for a concerted effort to achieve platform governance uplift,” he said.