Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 21 - 30 of 130 results for asic shield

Super funds must protect members, says Kirkland

MATTHEW WAI  |  FRIDAY, 27 MAR 2026
The detriment of Shield and First Guardian Master Funds undermines trust in the superannuation system, ASIC commissioner Alan Kirkland warned, saying trustees must revise their processes to avoid exploitation by super switching schemes. Speaking at ...

FEATURE | Regulation: Picking up the pieces

KARREN VERGARA  |  TUESDAY, 24 MAR 2026
... 'undergoing a restructure'. Then they eventually went into liquidation." By February 2024, Kee began receiving emails from ASIC. By May 2024, responsible entity Falcon Capital suspended redemptions and applications in First Guardian, telling ...

Sequoia offloads InterPrac in $50k fire sale

KARREN VERGARA  |  MONDAY, 23 MAR 2026
... if the sale completes, the new owner "may elect to withdraw or accelerate the AFCA determinations and seek to mediate with ASIC regarding its separate actions as Sequoia had planned to do." Sequoia is currently suing AFCA for a December 2025 determination ...

FSC questions SMC's claim on younger members' super switches

RIDDHIMA TALWANI  |  MONDAY, 23 MAR 2026
... deeply concerned about the lead-generated switching advice that supercharged the Shield and First Guardian scandals that ASIC has repeatedly warned about - if warnings are ignored, it's a greenlight to the next collapses," Schubert said. FSC said ...

Macquarie broke law by not putting Shield on watch list, says court

JAMIE WILLIAMSON  |  FRIDAY, 20 MAR 2026
... for further monitoring but failed to do so. His finding was based on a Statement of Agreed Facts and Admissions filed by ASIC and Macquarie. It follows Macquarie entering a court enforceable undertaking with ASIC in September last year and agreeing to ...

ASIC considers changes to net asset requirements

ELIZA BAVIN  |  WEDNESDAY, 18 MAR 2026
ASIC is seeking feedback on options for increasing the net tangible assets (NTA) requirement for responsible entities of registered managed investment schemes. In addition, ASIC is looking at increasing the NTA requirements that apply to other fund ...

CALI pushes for advice reforms as Australians turn to AI

RIDDHIMA TALWANI  |  TUESDAY, 17 MAR 2026
... one to talk to, and in the worst of cases, with no financial safety net to lean on when they need it most," Cupitt said. ASIC recently also urged young Australians to complement the information they seek from social media and AI with reputable and evidence-based ...

Interprac sues AFCA over Shield determination

JAMIE WILLIAMSON  |  TUESDAY, 10 MAR 2026
... in AFCA's rules and processes where a matter involves multiple entities. Interprac itself is currently being sued by ASIC for its involvement in the Shield collapse, namely its failure to ensure clients' best interests were looked after. The ...

Former MWL Financial adviser banned for six years

ELIZA BAVIN  |  TUESDAY, 10 MAR 2026
ASIC has banned Melbourne-based financial adviser Raluca Terheci from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business ...

AFCA membership extended for Shield, First Guardian-linked firms

KARREN VERGARA  |  WEDNESDAY, 4 MAR 2026
... Financial Services Group Australia, which is in liquidation, and MWL Financial Services, which is currently in administration. ASIC estimates 12,000 investors were impacted by the collapse of Shield and First Guardian but only about 2100 complaints have ...