Dying Australians try to recover superannuation savings after First Guardian, Shield collapses
A warning, some viewers may find pictures in this report distressing.
Of almost 12,000 investors, who pumped more than $1 billion of their retirement savings into the First Guardian and Shield schemes, more than 6,000 were clients of advisers under InterPrac. These 6,000 clients put about $680 million into the two funds on the advice of financial planners licensed under InterPrac. They are now worried that the sale of InterPrac to Bellbird Australia could shrink the pool of money available to compensate them. The corporate regulator is considering whether there are grounds to stop the sale. ASIC is also suing InterPrac, which is the only solvent financial advice licensee with exposure to the collapsed investment funds.
Meanwhile Meredith Wright is fighting to recover almost $200,000 of her husband Kevin’s superannuation, as he battles lung cancer. She has gone to the financial ombudsman AFCA, to make a compensation claim against the firm that oversaw the adviser who gave them the advice. “I just want Kevin’s money back, it’s his money.”
Richard Orr lost money after being contacted by a telemarketer, who put him in touch with a financial adviser, also licensed by InterPrac. The 54-year-old has pancreatic cancer and wants to provide for his family when he’s not around. More than $200,000 of his retirement savings was moved into First Guardian.
“I don’t care about anything else, but for me I’ve got to fight…” he said.
At the same time the corporate cop ASIC is warning licensees about their use of unlicensed telemarketers that lure Australians into switching savings, and in some cases, discuss investment performance. Under the law, only a licensed financial planner can give advice about investments.
The federal government recently banned telemarketers who cold call. Now, there are pleas to ensure it’s properly policed. “I think we need to monitor how that ban occurs, and success or otherwise, and consider the activities of those who do have licenses because we’ve seen some egregious breaches in this area and people have suffered” says Liberal Senator Paul Scarr.
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Read more here: https://www.abc.net.au/news/2026-11-07/first-guardian-investors-with-cancer-fight-to-recoup-lost-super/107352988
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