meta_id 3194653

On May 29, 2026, the Australian Prudential Regulatory Authority (APRA) imposed additional licence conditions on HTFS Nominees Pty Limited (HTFS) to address prudential concerns relating to investment governance and member outcome frameworks. HTFS acts as trustee for HUB24 Super Fund, which manages approximately $55 billion in funds under management across 165,000 member accounts. The action follows APRA's thematic review of investment governance, strategic planning and member outcomes practices among superannuation trustees offering platforms. APRA's review identified significant deficiencies in HTFS's operations, including: lack of rigorous and consistently applied investment option selection criteria; insufficient operational and investment due diligence for new options with poor conflict of interest management; inadequate investment option monitoring and reporting frameworks; governance arrangements lacking independent trustee voice where key decision-makers hold senior positions within the parent group; and insufficient assessment and oversight of member outcomes. Under the conditions effective May 29, 2026, HTFS must appoint an independent expert to review its platform investment menus and governance frameworks; develop and implement an uplift plan addressing identified gaps; undertake a further review of its investment menu against enhanced requirements; and refrain from onboarding certain high-risk investment options until an independent expert confirms adequate onboarding and an accountable person attests the option serves members' best financial interests. APRA Chair John Lonsdale noted this represents the fifth Platform Trustee enforcement action, reflecting sustained focus on addressing prudential weaknesses. APRA will continue supervising other in-scope Platform Trustees and may consider further enhancements to prudential standards. The conditions will apply regardless of any change of ownership, including HUB24 Limited's announced acquisition of HTFS, subject to regulatory approvals.