The government should recover the $1 billion lost by investors in the collapse of First Guardian and Shield Master Trust from platform operators which hosted the failed investment schemes, such as Macquarie and Netwealth, rather than advisers, says Insignia Financial boss Scott Hartley.

Insignia, which this week announced it has secured a $3.2 billion acquisition offer from private equity firm CC Capital, runs one of the nation’s biggest superannuation platforms – which allows financial planners to invest in a range of different products for a client and their self-managed fund. Insignia’s wrap platform, MLC Expand, had over $100 billion under management as of June.