More than 12,000 Australians have lost over A$1bn in retirement savings following the collapse of three investment funds linked to their superannuation platforms. The funds—Shield, First Guardian, and Australian Fiduciaries—have left many investors with wiped-out super balances, prompting warnings from the corporate regulator about risky schemes.
The collapses occurred despite the funds being offered through major superannuation platforms. While only a small fraction of the population has been affected, some individuals have seen their entire life savings disappear. The corporate regulator has highlighted the dangers of high-risk investment options within super funds.
Financial advice firm Interprac and superannuation platform trustees Macquarie, Equity Trustees, Diversa, and Netwealth all declined to comment when approached by Guardian Australia. Attempts to reach representatives of the collapsed funds, including through liquidators or administrators, were unsuccessful.
To avoid similar losses, workers are advised to review their super fund's investment options carefully, avoid high-risk schemes that promise unrealistic returns, and ensure their savings are held in well-regulated, diversified portfolios. The regulator urges caution and due diligence before selecting investment options within superannuation.
