Superannuation Switching Laws And Requirements

Written by Claude Haiku 4.5 from the extracted text on 28 Feb 2026. It can miss or misread redacted and scanned pages. Check the source before relying on it.

This Treasury ministerial submission (9 July 2025) addresses regulatory failures in managed investment schemes (MIS), specifically the Shield and First Guardian collapses. ASIC investigations found a pattern where lead generators referred investors to financial advisers who provided standardised advice recommending superannuation rollovers into SMSFs or wraps, followed by concentrated MIS investments that subsequently failed. Shield involved approximately 5,800 investors and $480 million in funds, with current asset recovery estimated at $207–241 million. First Guardian affected around 6,000 investors with $570 million invested; liquidators' reports indicate potential losses as high as $446 million. The submission recommends examining all drivers of these losses to develop comprehensive policy responses, noting the Government will face pressure to strengthen regulatory frameworks. Several key details remain redacted under exemptions protecting ministerial advice and commercial-in-confidence information.