In this episode of Financial Services Online's weekly superannuation news wrap, Paige Estritori discusses a landmark case launched by ASIC against Equity Trustees Superannuation Limited for alleged negligence and due diligence failures concerning the Shield Master Fund, potentially affecting over 5,800 consumers and causing investor losses of over $130m. This reflects regulators' focus on diligent, transparent superannuation management. The case brings other trustee entities with similar investments under scrutiny. Superannuation reform calls have also intensified following the Your Future Your Super performance test results, which reveal significant discrepancies in trustee-directed products. The fairness of the test's benchmarks is debated amidst concerns regarding misclassification risks, tax implications and the need to adapt to market nuances. The episode concludes that this calls for a revised performance test, with pressure mounting on Treasury to implement this.