Super Consumers Australia chief executive Xavier O’Halloran welcomed APRA’s move, saying it was a lesson to all funds going through similar transitions that they need to put their members’ interests first.
“HESTA caused serious harm by failing to deliver basic services, with many unable to contact their fund for months. People lost access to their money, faced extreme uncertainty and wasted time because of these failures,” O’Halloran said.
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“We heard from one grandmother who was forced to pick up her grandchildren on a bike after she was unable to access her money at HESTA to pay for urgent costs after her car broke down.”
The APRA action comes as regulators have in recent years put a growing emphasis on how the $4.5 trillion superannuation sector deals with customer service, with landmark cases launched against funds over delays in paying death benefits.
Meanwhile, separate figures released on Thursday showed funds performance slipped in November as global sharemarkets wobbled. However, super funds are still on track to make above-average returns this year, despite volatility on markets.
The data from SuperRatings showed the typical “balanced” investment options returned -0.5 per cent last month, though 2025 was likely to be a positive calendar year for the sector.
It was the first month of negative returns in seven months, and SuperRatings director Kirby Rappell said there had been a pullback in most asset classes, including listed property and Australian shares.
“While this month breaks the strong run, 2025 is well on track to be an above average year for member balances, with the 11 months to 30 November 2025 estimated to have returned 8.7 per cent against a median of 7.1 per cent for the full year since 2000,” Rappell said.
Super funds’ returns have been bolstered by a strong performance from global shares this year, despite the plunge on US President Donald Trump’s “Liberation Day” in April, and the more recent debate about artificial intelligence valuations.