The recent collapse of super funds First Guardian and Shield has sent shockwaves through Australia’s financial services and insurance sectors, resulting in over $1 billion in lost retirement savings for thousands of Australians. These events have exposed critical weaknesses in compliance and oversight across financial advisers, licensees, research houses and superannuation trustees – and serve as a stark reminder to financial institutions, their brokers and insurers of the complex and evolving risks inherent in the sector.
