Assistant Treasurer Daniel Mulino is working on reforms with the corporate regulator to make it harder for risky funds to be licensed, and to clamp down on high-pressure sales tactics used on social media, in an attempt to avoid a repeat of the collapses of the $1 billion First Guardian Master Fund and Shield Master Fund.
Mulino welcomed a move by the Australian Securities and Investments Commission to sue Macquarie for failing to place the Shield Master Fund on a watch list, and an undertaking by the bank to pay full compensation of $321 million to about 3000 clients for their superannuation investments in Shield on the Macquarie wrap platform.
Source: https://www.afr.com/wealth/personal-finance/government-plans-super-investment-reforms-after-shield-collapse-20250925-p5mxui