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.
More than 12,000 people were exposed to three major failed schemes, involving funds Shield, First Guardian and Australian Fiduciaries. Guardian Australia attempted to reach representatives of these funds, including through the firms’ liquidators or administrators where applicable.
Financial advice firm Interprac and superannuation platform trustees Macquarie, Equity Trustees, Diversa and Netwealth all declined to comment.
