The First Guardian Master Shield superannuation fund is heading to liquidation after trustees agreed on a $1 billion loan for just $2.9 million. The trustees have confirmed losses associated with the fund's collapse.
The financial misconduct compensation scheme is now facing a $170 million budget overrun. Macquarie and Netwealth are facing legal actions for uncompensated losses. In a related case, a Victoria woman claimed her $500,000 retirement fund was drained. Australians are urged to check their superannuation balances after the fund failure.