More than 12,000 Australians have lost over $1bn in retirement savings following the collapse of three investment funds linked to their superannuation platforms. The corporate regulator has issued warnings about risky schemes, with some investors seeing 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 comment.
Financial advice firm Interprac and superannuation platform trustees Macquarie, Equity Trustees, Diversa, and Netwealth all declined to comment on the matter.
Workers are advised to check their super fund's investment options, avoid high-risk schemes promising unrealistic returns, and consider seeking independent financial advice to protect their savings.
