Regulators at ASIC’s Markets Disciplinary Panel found the NAB-owned platform failed to submit accurate and complete regulatory data more than 9.5 million times across roughly 10 years. WealthHub is alleged to have fallen short of the organisational and technical resources needed to meet reporting rules between 28 July 2014 and 31 October 2024.
Investigators say WealthHub repeatedly left out the intermediary ID on trade reports lodged with market operators including ASX, undermining key data fields used for market surveillance. Those missing identifiers make it harder for exchanges and regulators to trace who is behind trading activity or to link trades to specific intermediaries.
Regulatory specialists say infrastructure and systems, not just policies, are under scrutiny as ASIC pushes for cleaner market data. The size of the fine, tied directly to over 9.5 million reporting breaches, shows that repeated technical errors now attract serious consequences. WealthHub’s experience is a warning for other brokers using legacy or under-resourced reporting systems, especially where trade data feeds into surveillance by ASX and other operators.
