Super scams First Guardian, Shield cause compensation cost blowout
The Compensation Scheme of Last Resort faces a $170 million funding shortfall due to claims from victims of the First Guardian and Shield superannuation collapses. Currently, the scheme only holds about $20 million, insufficient to cover the estimated $190.3 million needed for all financial advice claims. Investors are at risk of losing more retirement savings as a result.
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Summary by OZbrief Editorial · ABC News – Top stories · Source
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Published 02 Jul 2026, 02:00 UTC · Updated 02 Jul 2026, 02:10 UTC
Summary by OZbrief Editorial. Original report: ABC News – Top stories. Editorial policy · Corrections
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