‘Seeing the same things again’: Fok’s déjà vu from Shield, First Guardian
As industry fund Cbus has spent the greater part of 2025 rebuilding its image after going through multiple internal scandals, CEO Kristian Fok believes the collapse of the Shield and First Guardian master funds brings back bad memories of the Hayne royal commission and the high-pressure sales tactics that were a feature of its hearings.
October 14, 2025
Equity Trustees channels Trio scandal in approach to Shield remediation
In compensating victims of the collapsed Shield Master Fund, Equity Trustees is hoping to rely on an obscure legal mechanism that saw victims of the Trio Capital fraud remediated by the government, which then recouped its costs via a superannuation levy. Along with its previously stated intent to help members pursue claims through the CSLR, it shows a preference from the trustee to push for external parties to help with compensation.
October 13, 2025
Labor retreats on Div 296 reform, rejects suggestions of policy misstep
The Labor government has backed down from several controversial features of the high-balance superannuation tax it introduced two years ago, cancelling the plan to tax unrealised gains and introducing indexation to the $3 million threshold. The adjustments, which will delay the start date of the new tax regime by a year, were slammed as “publicly humiliating” by the Coalition.
October 13, 2025
Restricting choice would be the only way to prevent investor losses: ASIC
ASIC chair Joe Longo believes that there will always be a risk of people losing money to investment schemes like Shield and First Guardian without totally restricting consumer choice. The admission comes as the regulator concedes First Guardian investors will have a harder path to recovery of investment funds than Shield clients.
October 10, 2025
Why super funds are lagging on climate investing
A new paper published by The Conexus Institute has found that super funds’ climate-related investment activities have been patchy, and that their impact on performance, while hard to measure, has almost certainly been modest.
October 10, 2025
ASIC claims governance gaps in AFSLs offshoring arrangements
The corporate regulator has told licensees to strengthen governance over the use of offshore service providers after a review found weaknesses that could expose consumers to harm. The review also included data from large fund managers to capture the influx of offshore enquiries on behalf of Australian firms, with one fund getting 16,500 enquiries originating from 24 countries in a 12-month period.
October 10, 2025
No timeframe on DBFO, education reforms: Treasury
There is no clear plan for the next legislative stages of the Delivering Better Financial Outcomes or expanded education pathway reform, according to Treasury. Changes to the education standard will come after the 2026 deadline to hold an approved qualification has passed.
October 09, 2025
SQM turns to Stephen van Eyk amid Shield crisis
Amid the fallout over its role in rating the Shield Master Fund, SQM Research has recruited industry veteran Stephen van Eyk for its ratings and research governance committees. The appointment comes as other parties involved ino the collapse of the Shield and First Guardian master funds add high-profile veterans to help improve governance and lift standards in the wake of the collapsed schemes.
October 08, 2025
A tiny fraction for a big impact: Rethinking consumer protection funding
The financial advice profession is paying millions each year to cover the corporate regulator and last resort consumer remediation. Financial adviser Rob Pyne writes the current model places a heavy burden on a narrow base which could be flipped to cover a wider scope.
October 08, 2025
InterPrac denies moving advisers to avoid Shield, First Guardian liabilities
ASX-listed Sequoia Financial Group has denied it is transferring advisers out of its InterPrac licensee with the intention of avoiding mounting liabilities from the collapse of the Shield and First Guardian master funds. The concern has been raised by victims of the collapsed schemes who are worried about a repeat of the group using legal loopholes to avoid accountability.
October 07, 2025
Advisers could play crucial role in trustee response to Shield and First Guardian
Macquarie’s deal to remediate Shield clients was the first feel good story in what has been a torrid experience for clients of the collapsed fund and the whole industry. For the other trustees who are dragging their feet on making a similar deal, advisers are going to begin to question which are trustworthy and where they should put client money.
October 03, 2025
