APRA declines Diversa review details

Mike Taylor

Managing Editor and Publisher

22 April 2026

The Australian Prudential Regulation Authority (APRA) has cited limitations imposed by its governing legislation in declining to tell Senate Estimates the outcome of its review into Diversa Trustees and whether the firm was acting in the best interests of members.

APRA had been asked by NSW Senator, Dave Sharma whether the regulator’s recent review of Diversa Trustees had uncovered weaknesses in the management of conflicts of interest and deficiencies in the governance framework.

As well, Sharma asked whether the review had concluded that “Diversa Trustees was at all times acting in the best financial interests of members” and, if not, to describe the shortfalls.

However, while pointing to past actions in relation to Diversa Trustees, APRA declined to go into the specifics of its current actions with respect to the company citing section 56 of the APRA Act.

It said that under the section, “APRA is restricted in its ability to disclose information about individual entities, except in limited circumstances in line with the APRA Act”.

“In this instance, that includes details of on the findings or the outcomes of any supervisory reviews of Diversa where they are not otherwise public,” it said.

APRA, just prior to Christmas, last year, imposed additional licence conditions on Diversa Trustees “to address prudential concerns relating to its investment governance frameworks and practices, including oversight of platform investment optons made available to members”.

While APRA said the additional licence conditions followed on from the regulator’s thematic review of the invest governance, strategic planning and member outcomes practices of superannuation trustees that offer platforms, it was also widely regarded as reflecting concerns around Shield and First Guardian.

APRA’s response to Sharma noted that it had imposed licence conditions on Diversa in 2023 in relation to risk management and member outcomes including in relation to high fees and poor investment performance.

It then noted its December 2025 imposition of licence conditions on Diversa.