A dozen investment products offered by Australian pension funds have failed the regulator’s annual performance test, including options from wealth managers AMP Ltd. and Insignia Financial. The Australian Prudential Regulation Authority’s latest test, released Friday, assesses the long-term performance of pension products against tailored benchmarks. A dozen of the 547 products tested failed, mostly wealth-management platform offerings, including six on platforms run by Insignia and three from AMP.

Poor investment performance was the main driver, said APRA.