Compensation for thousands of consumers who could lose their retirement savings with the collapse of the First Guardian and Shield Master Trust investment schemes could top out at $300 million, despite almost $1 billion in superannuation being at risk between the two entities.

The warning from the Compensation Scheme of Last Resort comes as the two companies are pursued by the Australian Securities and Investments Commission, with the regulator successfully obtaining orders restricting the travel of two company directors connected to First Guardian.