SYDNEY, June 29, 2026, 08:02 AEST
- ASIC looked at six platform trustees overseeing roughly A$300 billion. The regulator found issues with advice-fee controls, file reviews and risk monitoring.
- Platform super held around A$397 billion on platforms at June 2025, APRA said, up 14.5% over the past year.
- Platform advice fees climbed to A$2.2 billion, up four times in ten years and outpacing growth in balances, according to .
- ASX hadn’t started normal trading at the dateline. The cash market is set for regular trading at about 09:59:45 Sydney time.
Australia’s corporate regulator is warning wealth platform operators about loose controls over superannuation money, moving the focus for investors from one-off compensation costs to the A$2.2 billion in advice fees connected to rising platform accounts.
ASIC looked at six platform trustees managing about A$300 billion, or almost three-quarters of trustee fund assets, and found big gaps. The regulator said trustees weren’t doing enough to check advice-fee controls, look over advice documents, or examine adviser business models that use lead generators. ASIC also called out weak monitoring of churn, fees, holding limits and unusual flows. “There are clear failures,” ASIC Commissioner Simone Constant said, telling trustees to “do your job.” ABC News
At 08:02 AEST, trading in ASX-listed wealth stocks hadn’t opened yet. The ASX cash market was still in pre-open, with regular trading set to begin around 09:59:45 Sydney time.
ASIC numbers suggest fees are growing faster than platform assets. Member benefits at platforms climbed to A$396 billion by June 2025 from A$123 billion ten years earlier, or a 3.2-times increase. But advice fees charged on those platforms jumped four times to A$2.2 billion. That puts the average advice-fee cut at about 0.56% of benefits, higher than the 0.45% seen ten years ago.
| Platform measure | About 2015 | June 2025 | Change | Investor read |
|---|---|---|---|---|
| Platform member benefits | A$123 bln | A$396 bln | 3.2x | More assets now under trustee oversight |
| Advice fees charged from platforms | About A$0.55 bln | A$2.2 bln | 4.0x | Fee income outpaced balance growth |
| Advice fees as share of benefits | About 0.45% | About 0.56% | Up about 24% | Fee size, file audits getting more attention |
| ASIC review coverage | — | A$300 bln | About 76% of A$396 bln | Warning spans bulk of assets on platforms |
Investors now face more than just the risk of dud funds. It’s one thing to raise fees, but trustees have to show advice-fee deductions, adviser channels and product choices are checked. Extra file sampling, adviser checks and tighter holding rules all mean higher costs. Cutting fees or changing how fees are taken out will hit revenue. Paying compensation takes a direct toll on capital.
APRA said members held A$397 billion in platform investments as of June 2025, making up 13.1% of super assets it oversees and 28.1% in the choice sector. Platform assets rose 14.5% in the year to June 2025. The regulator warned trustees that they “cannot outsource accountability.” APRA
Listed companies have already felt the impact of the enforcement record.
| Entity | Platform or fund link | Confirmed cash or legal status | Investor issue |
|---|---|---|---|
| Macquarie Group Ltd ASX:MQG | Shield run on the Macquarie wrap/MIML | Macquarie made payments of around A$321 mln to 3,000+ members after Federal Court calls out MIML. ASIC said earlier checks “could and should” have spotted problems. | Remediation cost points to platform oversight |
| Netwealth Group Ltd (ASX:NWL) | First Guardian via Netwealth Superannuation Master Fund | Netwealth to pay over A$100 mln to 1,000+ Australians, admits it broke Corporations Act. | Payout for members at a top-growth platform |
| EQT Holdings Ltd (ASX:EQT) / Equity Trustees | Shield via NQ Super and Super Simplifier | ASIC says up to A$160 mln of retiree funds went into Shield when Equity Trustees was overseeing it; court case still running. | Litigation risk from due-diligence questions |
| Diversa Trustees | First Guardian | ASIC says A$300 mln put through funds run by Diversa as trustee from 2020-2024; regulator wants compensation, penalties, declarations. | Non-listed trustee in court, sector impact likely |
Macquarie and Netwealth have paid A$422 million in total back to about 4,000 members, ASIC said in February. That’s nearly 19% of the A$2.2 billion in yearly advice fees now moving through platforms—a reminder for investors treating trustee oversight as just compliance.
ASIC says its Shield and First Guardian actions involve over 11,000 people and more than A$1 billion in investments. While the two cases account for about 0.25% of the A$396 billion platform-benefit base, the scale of losses is pushing refunds, lawsuits and policy changes.
The Treasury is looking at reforms aimed at tougher trustee oversight, safer switching, tighter controls on advice fees, and new rules that would force platform trustees to pay out for some investment losses. The consultation ended May 22.
