More than 12,000 Australians have lost over A$1bn in retirement savings after the collapse of investment funds linked to their superannuation platforms, prompting warnings from the corporate regulator about risky schemes.
The failures of funds Shield, First Guardian and Australian Fiduciaries have left some investors with their entire super balances wiped out, although only a small share of the population has been affected.
The Australian regulator has issued warnings about the dangers of such schemes, as affected investors seek to recover losses. Financial advice firm Interprac and superannuation platform trustees Macquarie, Equity Trustees, Diversa and Netwealth all declined to comment when approached by Guardian Australia.
Australian workers are being urged to take steps to safeguard their retirement savings, though the regulator has not specified how to avoid similar situations. The collapse highlights the risks inherent in some investment-linked pension products.
