Will APRA again cite ‘secrecy’ around platform trustee questions?

Mike Taylor

Managing Editor and Publisher

15 July 2026

The Australian Prudential Regulation Authority (APRA) has been asked for specifics around recent action taken with respect to Fiducian, Diversa Trustees, Equity Trustees and Netwealth when the regulator has previously cited the secrecy provisions within the APRA Act.

NSW Labor Senator, Deborah O’Neill has used Senate Estimates to seek from APRA what specific concerns it held with respect to the platform trustees against which it had taken action, including the imposition of license conditions, given it has often cited the secrecy provisions within the APRA Act.

Specifically, APRA has relied on Section 56 of the APRA Act in declining to provide some information to Parliamentary Committees.

O’Neill’s question notes that APRA “has recently imposed additional licence conditions on HTFS on 29 May 2026, Fiducian on 1 April 2026, Diversa Trustees on 23 December 2025, Equity Trustees on 18 December 2025 and accepted a court enforceable undertaking from Netwealth on 18 December 2025″.

“In its statements on each, APRA advised conditions were imposed ‘to address prudential concerns relating to its investment governance and member outcome frameworks and practices, including oversight of platform investment options made available,” she noted in the question before asking:

“For each Trustee, what were the names of the ‘’platform investment options made available’ and what types of investment options were they?

“Why did APRA undertake a ‘thematic review of the investment governance, strategic planning and member outcomes practices of superannuation trustees that offer platforms (platform trustees)’?

“In what ways and why are ‘deficiencies in [Trustees’] onboarding processes and practices for new investment options, investment option monitoring and reporting’ relevant to APRA?”

O’Neill has also asked APRA to detail the names of, and types of, ‘new investment options’ to which it was referring.

The Senator’s question then presents as follows:

HTFS:
5) What were APRA’s concerns with the ”lack of sufficiently rigorous, well-defined and consistently applied investment option selection criteria” and the ”quality of operational and investment due diligence undertaken for new investment options” ?

Fiducian:
6) What were APRA’s concerns with the ”design and operational effectiveness of investment option monitoring and reporting frameworks in identifying and responding to performance and risk concerns”?
7) Who were/are the ”related-party service providers that offer, manage, or advise on investment options made available on the platform”?
8) How does APRA characterize the ”ongoing suitability” of investment options?

Diversa Trustees:
9) What were APRA’s concerns with Diversa’s ”onboarding of new investment options, including the lack of sufficiently rigorous, well-defined and consistently applied investment selection criteria”?
10) In what ways was Diversa’s ”operational due diligence undertaken in relation to new investment options” and ”investment monitoring and reporting framework” inadequate?

Equity Trustees:
11. In what ways was APRA concerned that Equity Trustees did not ”ensure [new investment options] are assessed consistently, are in the best financial interests of members, and appropriately manage conflicts of interest”?
12. In what ways had Equity Trustees failed to ”identify key risks, and ensur[e] independent analysis of information received from investment managers and external research and rating agencies”?
13. Why was Equity required to have an independent review undertaken ”of its platforms’ investments menu and investment governance framework” and what was included within this menu?
14. Is APRA satisfied that ”remediation actions are complete and effective”?

Netwealth:
15. What were Netwealth’s ”material weaknesses in its investment governance framework and practices”?
16. What were the concerns relating to ”triggers and controls relied upon to monitor and review investment options and ensure any performance or risk concerns are escalated and addressed appropriately”?
17. What does APRA consider to be an appropriately ”uplifted onboarding process” and evidence that ”all reasonable steps were taken to ensure the new option is in members’ best financial interests”?
18. What does APRA consider to be an appropriately ”uplifted onboarding process” and evidence that ”all reasonable steps were taken to ensure the new option is in members’ best financial interests”?