{"id":991647,"date":"2026-05-29T06:00:25","date_gmt":"2026-05-29T06:00:25","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/991647\/"},"modified":"2026-05-29T06:00:25","modified_gmt":"2026-05-29T06:00:25","slug":"apra-imposes-license-conditions-on-hub24-super-trustee","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/991647\/","title":{"rendered":"APRA imposes license conditions on HUB24 super trustee"},"content":{"rendered":"<p id=\"breadcrumbs\" class=\"yoast\"><a href=\"https:\/\/financialnewswire.com.au\/\" rel=\"nofollow noopener\" target=\"_blank\">Home<\/a> &gt; <a href=\"https:\/\/financialnewswire.com.au\/.\/superannuation\/\" rel=\"nofollow noopener\" target=\"_blank\">Superannuation<\/a> &gt; APRA imposes license conditions on HUB24 super trustee<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" width=\"80\" height=\"80\"  alt=\"Mike Taylor\" class=\"avatar avatar-80 wp-user-avatar wp-user-avatar-80 alignnone photo nectar-lazy toploaded loaded nectar-lazy toploaded loaded\" data-nectar-img-src=\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/05\/Mike_Taylor_bw-100x100.png\" src=\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/05\/Mike_Taylor_bw-100x100.png\"\/>      <\/p>\n<p>        Mike Taylor<\/p>\n<p>Managing Editor and Publisher<\/p>\n<p>        29 May 2026<\/p>\n<p><img width=\"1199\" height=\"620\" class=\"attachment-full size-full wp-post-image nectar-lazy toploaded loaded nectar-lazy toploaded loaded\" alt=\"APRA Signage\" title=\"\" decoding=\"async\" fetchpriority=\"high\" data-nectar-img-src=\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/05\/APRA-signage-1.jpeg\" src=\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/05\/APRA-signage-1.jpeg\"\/><\/p>\n<p><strong>The Australian Prudential Regulation Authority (APRA) has imposed additional license conditions on the firm which acts as trustee for the HUB24 Superannuation Fund.<\/strong><\/p>\n<p>HUB24 recently announced that it had exercised its option to acquire HTFS from EQT Holdings.<\/p>\n<p>The regulator said it had imposed the additional conditions on HTFS Nominees Pty Ltd to address prudential concerns relating to its investment governance and member outcomes frameworks and practices, including oversight of platform investment options made available to super fund members.<\/p>\n<p>APRA said the imposition of additional licence conditions follows APRA\u2019s thematic review of the investment governance, strategic planning and member outcomes practices of superannuation trustees that offer platforms (\u2018Platform Trustees\u2019).<\/p>\n<p>It said broadly, the review identified deficiencies in HTFS\u2019s onboarding processes and practices for new investment options, investment option monitoring and reporting, management of conflicts of interest and approach to member outcomes.<\/p>\n<p>Specifically, APRA\u2019s review of HTFS identified concerns in relation to:<\/p>\n<ul>\n<li>lack of sufficiently rigorous, well-defined and consistently applied investment option selection criteria;<\/li>\n<li>quality of operational and investment due diligence undertaken for new investment options, including insufficient consideration and management of conflicts of interest and poor documentation;<\/li>\n<li>design and operational effectiveness of investment option monitoring and reporting frameworks in identifying and responding to performance and risk concerns;<\/li>\n<li>management of potential conflicts of interest, particularly where key decision-makers hold senior leadership positions within the parent or group, and governance arrangements lack an independent trustee voice; and<\/li>\n<li>assessment and oversight of member outcomes, including the implementation of controls to minimise potential harm to previously advised members.<\/li>\n<\/ul>\n<p>Under the additional licence conditions, effective 29\u00a0May 2026, HTFS is required to:<\/p>\n<ul>\n<li>appoint an independent expert to undertake separate reviews of its platform investment menus and frameworks governing investment governance, conflicts management, strategic objectives and member outcomes;<\/li>\n<li>develop and implement an uplift plan to address identified gaps, and provide APRA with assurance that remediation actions are complete and operating effectively to address those gaps; and<\/li>\n<li>undertake a further review of its investment menu against the enhanced investment governance requirements to determine ongoing suitability of each investment option.<\/li>\n<\/ul>\n<p>HTFS must also refrain from onboarding certain new high-risk investment options to its platform until an independent expert confirms the option has gone through an adequate onboarding process and an accountable person attests that all reasonable steps were taken to ensure the option is in members\u2019 best financial interests.<\/p>\n<p>APRA notes HUB24 Limited\u2019s ASX announcement dated 21 April 2026 that it has exercised its option to acquire HTFS from EQT Holdings, subject to regulatory approvals. The licence conditions will apply notwithstanding any change of ownership to HUB24 Limited, which may implement new investment governance and oversight practices for HTFS.<\/p>\n<p>APRA Chair John Lonsdale said: \u201cThis is the fifth Platform Trustee that APRA has taken enforcement action against and reflects APRA\u2019s sustained focus on addressing prudential weaknesses identified through our review of Platform Trustees.<\/p>\n<p>\u201cAlongside enforcement action, APRA is closely supervising other in-scope Platform Trustees where improvement is necessary. APRA will continue to oversee the delivery of required actions and will hold trustees to account where they fail to make timely and sustainable improvements to investment governance and member outcomes.<\/p>\n<p>\u201cAs part of this ongoing focus, we will also consider whether further enhancements to the relevant prudential standards and guidance are necessary.\u201d<\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Home &gt; Superannuation &gt; APRA imposes license conditions on HUB24 super trustee Mike Taylor Managing Editor and Publisher&hellip;\n","protected":false},"author":2,"featured_media":991648,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[3093],"tags":[183240,51,194710,474,275417,275418,2499,227082,16,15],"class_list":["post-991647","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-apra","tag-business","tag-eqt","tag-finance","tag-htfs","tag-hub24","tag-personal-finance","tag-trustee","tag-uk","tag-united-kingdom"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/116656342544642252","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/991647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=991647"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/991647\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/991648"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=991647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=991647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=991647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}