Thousands of Australians have lost more than $1bn in retirement savings after the collapse of funds linked to their superannuation platforms, prompting warnings from the corporate regulator about risky investment schemes.
While only a small share of the population has been affected, some investors have seen their entire super balances wiped, highlighting the potential dangers of certain investment products.
The collapsed funds include Shield, First Guardian, and Australian Fiduciaries. Guardian Australia attempted to reach representatives of these firms, including through liquidators or administrators, but did not receive responses.
Financial advice firm Interprac and superannuation platform trustees Macquarie, Equity Trustees, Diversa, and Netwealth all declined to comment on the matter.
