Financial Standard Comments - Prevention of Shield, First Guardian-like events the focus from here on: Mulino Establishing a framework to prevent disasters like the Shield Master Fund and First Guardian Master Fund from happening again will be the focus moving forward, minister for financial services Daniel Mulino told the Financial Advice Association Australia (FAAA) Congress. https://www.financialstandard.com.au/feed/latest?story=179810675 Wed, 26 Nov 2025 16:52:14 +1100 Wed, 26 Nov 2025 16:52:14 +1100 en-AU Copyright 2026 Financial Standard 5 Comment by Ross Smith (Shenton Pty Ltd)

Unfortunately, historical industry intelligence does not get through to this Minister. Back before 2012, a Public Trust Company (eg, Permanent Trustees), held the investments on behalf of retail investors. The Government did away with this and changed to Responsible Entities with hands on investors' money, including Shield & First Guardian. Why does the Minister not reintroduce Public Trust companies, independent of fund managers, to hold retail money? Blaming advisers after the fraud is "shooting the wrong dog".

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]]> Ross Smith (Shenton Pty Ltd) Wed, 26 Nov 2025 16:52:14 +1100