Enforcement action against the superannuation sector peaks in 2025

By Simun Soljo, Stephanie Malon, Simon Sherwood, Valeska Bloch, Isabelle Guyot, Varun Bhatia, Julia Clemente, Alexis Norbury, Zoe Chapman, Harmanjot Singh, Kimberley Morrison, Scarlett Stevens

Regulatory enforcement action against the superannuation sector has reached new heights in recent years, with the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) pursuing ambitious and high-profile agendas on a range of matters impacting the sector, such as member services failures, the protection of superannuation savings, and perceived governance failings.

ASIC’s court-based actions have led to significant penalties, while APRA has favoured alternative (though often no less impactful) measures such as court enforceable undertakings and licence conditions.

Looking ahead to later in 2026 and to 2027, enforcement risk remains elevated, with several civil penalty proceedings before the courts and further regulatory action anticipated across the sector.

In this report, we give an overview of the key developments in 2025 and early 2026, and a snapshot of what we expect to see in the next 12 months.