Our super system has a new blind spot, and it could cost you thousands

July 4, 2026 — 5:01am

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If you have a financial adviser and your superannuation investments are being managed on something called a platform, there are some important things to look at this week.

Australia’s financial regulator, ASIC has just released a report that found some serious gaps in the way our major platforms are safeguarding members’ money. The findings are concerning enough that ASIC brought them to me to explain to you simply, so you’re more aware of them.

Basically, investment platforms are meant to have processes, monitoring and caps in place to stop shonky advisers or dodgy investment businesses from taking advantage of unknowing consumers. ASIC has repeatedly asked the platforms to take their responsibilities as trustees seriously, driving for three big obligations.

Firstly, to keep Australian superannuation money invested in their platform safe, especially from bad conduct. This means platforms need to carefully vet the investments they offer and ensure no bad actors can use them as a vehicle to take advantage of members.

Secondly, to make sure that Australians are getting genuine value for money for the services being paid for out of their super and that members actually understand what those services are. And finally, to deliver investment, member and retirement services that sit at the heart of what a superannuation trustee is to provide.

Those three obligations sound pretty reasonable when you say them out loud. They’re not complicated or tricky. But when ASIC reviewed six of Australia’s largest platform trustees recently, organisations that are responsible for safeguarding $400 billion of retirement savings, across all three of those expectations there were serious and persistent failings.

Most advisers I speak to would prefer to move their clients onto a platform than keep them in a low-cost industry super fund.

Before we go further I want to stop and make sure you know what a platform really is because most people, even many people who are in one, often don’t fully realise it or understand it. Most people don’t walk into a financial adviser’s office and ask them for a platform. The adviser recommends one.

In fact, most advisers have built their businesses around using platforms to manage their clients’ assets. A platform lets your adviser look after all your investments in one place – your super, your shares, managed funds and ETFs, with detailed reporting........

© Brisbane Times