The warning from the corporate regulator comes in the wake of the collapse of the First Guardian and Shield funds, which exposed hard-working Australians to highly speculative, illiquid assets and outright theft.
The fallout left almost 11,000 people $1.1 billion out of pocket, with many losing their entire savings after being lured into switching from standard super funds with the promise of sky-high returns.
The Australian Securities and Investments Commission on Monday released a 30-page report on a 15-month review of six platform trustees entrusted with more than $300 billion in savings in 977,000 member accounts.
The regulator ultimately found itself "overwhelmingly disappointed" with a lack of progress in key areas since its last industry report in 2024.
These include a lack of trustee oversight of advice fee deductions and fee-related conduct, monitoring of holding limits and options on their investment menus.
"Overall, our review found that trustees are still not doing enough to protect members from harmful advice, fee deductions and inappropriate investments on their platforms," the report said.
While ASIC wants Australians to have confidence in platforms, commissioner Simone Constant said dodgy offerings were occurring "in pockets".
"What we are calling out here is that in order for there to be that confidence, we need a comprehensive, consistent meeting of standards and requirements in law by trustees," she told AAP.
Like all superannuation trustees, platform trustees are responsible for overseeing the activities of advisers and advice licensees who provide services to their members.
But they also rely on advisers to drive new business, which creates tension between growing platform membership and acting in members' best financial interests.
"We are concerned that some platform trustees may be prioritising their relationships with advisers, at unacceptable risk to members' retirement balances," the report said.
In the 10 years to 2025, superannuation platforms have exploded in popularity.
Member benefits have tripled to $396 billion, compared to the traditional sector, which more than doubled, while advice fees charged from superannuation platforms have increased fourfold to $2.3 billion.
Trustees must do better in making use of the breadth of internal data available to inform themselves about potential risks to members, Ms Constant said.
So far, ASIC is holding off on naming and shaming the platforms falling short, giving them time to rectify issues.
But that won't be for too much longer with Ms Constant warning ASIC is "actively considering" using its regulatory muscle and enforcement powers.
"Our patience is exhausted," she said.
"We will be naming, and if necessary, we will be shaming, and we will be enforcing where appropriate."
A superannuation platform is a trustee service that acts like an investment supermarket, allowing investors to choose from multiple approved options under a single account, usually managed by a financial advisor.
They charge higher fees than traditional funds due to their complexity, with advisor fees added on and extracted from client accounts.
In the super hierarchy, platforms sit between standard industry funds and more complex self-managed funds, and tend to be popular with people wanting more control over their wealth.
ASIC's review of the trustees, who are responsible for 72 per cent of platform trustees' member benefits, was conducted between June 2024 and October 2025.
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