More than 12,000 Australians have lost over $1bn in retirement savings following the collapse of three investment funds linked to superannuation platforms. The corporate regulator has issued warnings about risky schemes after some investors saw their entire super balances wiped out.
The failed funds—Shield, First Guardian, and Australian Fiduciaries—left thousands exposed. Guardian Australia attempted to contact representatives of these funds, including through liquidators or administrators, but received no response.
Financial advice firm Interprac and superannuation platform trustees Macquarie, Equity Trustees, Diversa, and Netwealth all declined to comment on the matter.
To avoid similar losses, workers are advised to scrutinise investment options, avoid high-risk schemes promising unrealistic returns, and ensure their super is held with reputable, well-regulated providers. Diversification and regular portfolio reviews can also help mitigate risks.
