HESTA Ordered Independent Reviews After Service Outage
Update: 2025-12-11
Description
Australian pension fund HESTA ordered to undergo independent reviews following significant outage, caused by move to new service provider, leading to seven-week disruption. APRA found issues with HESTAs board governance and risk management, highlighting ongoing concerns in Australias pension industry. HESTA CEO apologizes, emphasizing commitment to addressing APRAs concerns and improving member services.
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