Managed investment schemes cry out for regulatory reform after the $1.2 billion collapse of Shield Master Fund, First Guardian Master Fund and Australian Fiduciaries.
Six years after the banking royal commission exposed a quagmire of financial advice conflicts, poorly designed products and egregious failings in investment governance, it is all happening again.
About 12,400 people entrapped in the $1.2 billion collapse of three managed investment schemes have become the guinea pigs in a new era of soul-searching about why laws and regulations designed to protect superannuation savings are not working.
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Tony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com
