‘Unthinkable’: Aussie loses $150k in First Guardian super collapse
A Sydney man who lost $150,000 in retirement savings says regulators and the government failed to protect thousands…
Big super funds and SMSFs could pay compensation for victims of financial misconduct
Melinda Kee thought her financial ordeal was almost over. But more than 12 months after she lodged a…
Financial misconduct compensation scheme faces $170 million cost blowout
A government scheme that provides compensation for victims of financial misconduct, including Australians who lost their retirement savings…
Superannuation switching trend sees billions flow out of retail funds, at a risk
For many Australians, superannuation doesn’t occupy their routine thoughts until they hit their 40s. By that time, people…
ASIC says too many Australians’ retirement savings being wiped out
The Australian Securities and Investments Commission (ASIC) has called out platforms that manage Australians’ retirement savings for a…
Troubled InterPrac sold for $50k
Sequoia has found a buyer to offload its troubled InterPrac licensee to, collecting just $50,000 in the sale, with its…
Shield and First Guardian collapses spur managed investment scheme crackdown
The federal government is planning a crackdown on managed investment schemes following the collapses of two large funds,…
Shield and First Guardian raise the question, who pays when super funds collapse?
Thousands of First Guardian investors were dealt another devastating blow in December when it was revealed just $1.6…
Netwealth strikes ASIC deal to compensate First Guardian investors
Financial services company Netwealth has agreed to pay more than $100 million to more than 1,000 clients who…
More players involved in Shield, First Guardian collapses face ASIC legal action
Australia’s corporate watchdog is suing Interprac — the licensee that oversaw financial planners — over alleged failures that…
First Guardian super trustee Diversa ‘ticked off’ investments, says former financial adviser Ferras Merhi
A former financial adviser involved in placing thousands of clients into the since-collapsed First Guardian Master Fund says…
As Australia’s retirement savings grow into world’s second biggest, government to review consumer protections
Australia’s $4.3 trillion superannuation sector is on track to become the world’s second-largest retirement savings pool by 2031.…