Thousands of Australians have lost more than $1bn in retirement savings following the collapse of investment funds linked to their superannuation platforms. More than 12,000 people were exposed to three major failed schemes, according to reports.
The funds in question are Shield, First Guardian and Australian Fiduciaries. While only a small proportion of the population has been affected, some investors have seen their entire super balances wiped out.
The corporate regulator has issued warnings about the risks associated with certain investment schemes. The collapses have raised concerns about the safety of retirement savings, with the report also indicating guidance for workers on how to avoid similar losses.
Guardian Australia attempted to reach representatives of the funds, including through their liquidators or administrators. Financial advice firm Interprac and superannuation platform trustees Macquarie, Equity Trustees, Diversa and Netwealth all declined to comment.
