Australian consumers are being urged by regulators to check their superannuation accounts after failures at funds linked to the collapsed Shield Master Fund and First Guardian Master Fund left some members with their retirement savings wiped out entirely. The Australian Securities and Investments Commission (ASIC) has flagged serious concerns about how these managed investment schemes were promoted and managed, warning that thousands of Australians may have unknowingly had their super funnelled into high-risk products via cold calls or online marketing, only to see their balances collapse.

The warning follows ASIC investigations into Shield and First Guardian, both of which are now in receivership, with losses estimated to run into hundreds of millions of dollars affecting thousands of super fund members across the country. Authorities are advising Australians to review their super statements, verify which fund and investment options their money sits in, and be wary of unsolicited approaches encouraging them to switch or consolidate their super into unfamiliar products.