Australia’s prudential regulator said on Friday it has tightened the licencing conditions for HUB24 Super Fund’s trustees which oversee the A$55 billion ($39.39 billion) pension fund.
HUB24 operates an investment platform where investors can choose from a range of different funds. The platforms have been under increased regulatory scrutiny since the collapse of the First Guardian and Shield Master funds in 2024 and 2025.
The Australian Prudential Regulation Authority (APRA) said it had reviewed the governance, planning and member services provided by HTFS Nominees, the trustee for the HUB24 fund.
The review, APRA said, found deficiencies in the way HUB24 added new investment options for its members, how those investments are monitored and reported and how conflicts of interest are managed.
HUB24 said in a statement its investment governance and monitoring process was robust and “aligned with best industry practice”.
Under the increased licencing conditions, HUB24 has to appoint an independent expert to review its platform investment options and development a plan to address the APRA identified shortfalls.
HUB24 Super Fund has 165,000 members and A$55 billion in funds under management.
($1 = 1.3963 Australian dollars)
Reuters
