Regulator urges trustees to monitor lead-generation referrals and suspicious adviser activity to curb unnecessary or excessive charges.

ASIC warns that platform trustees overseeing about $300 billion in super are not adequately monitoring adviser fees and potential conflicts, risking member protections.

A 29-page Safeguarding super report highlights persistent gaps in advice fee controls and limited checks of advice documents across six platform trustees responsible for retirement savings.

ASIC notes many trustees lack safeguards against harmful or unusual fees, risky switching, and weak monitoring of risk indicators.

Industry response includes the Financial Services Council cautioning against limits that reduce investor control, while research suggests active choice can improve retirement outcomes.

Past collapses of Shield Master Fund and First Guardian Master Fund exposed sector weaknesses and influenced regulators to pursue stronger oversight and lessons for trustees.

ASIC’s findings come amid broader scrutiny of the platform market as retirement-savings safeguards are tested by rapid sector growth.

The report aligns with government consideration of consumer protections in switching to high-risk super products, including potential five-day waiting periods.

ASFA research shows younger Australians (18–34) rely more on social media for retirement information, despite social media being the least trusted source, highlighting barriers in advice access.

Platform assets grew from about $123 billion in 2015 to $396 billion in 2025, with advice fees on platforms rising to roughly $2.3 billion in the same period.

Ongoing governance concerns in the platform sector fuel calls for stronger oversight to protect members’ retirement savings.

ASIC highlights tension between platform growth and acting in members’ best financial interests, noting reliance on advisers for growth can undermine protections.