The collapse of First Guardian is a financial nightmare for its victims. But their experience reveals five red flags to watch for with your own retirement savings.
Chris Johnstone is gobsmacked at the extent of the losses and the fact that, so far, there doesn’t seem to be much accountability. Luis Enrique Ascui
Chris Johnstone lost $522,085 because he went looking for a superannuation fund that offered a better return than his AustralianSuper account.
Business owner Johnstone, like other victims of recently collapsed managed investment schemes we spoke to, thought the simplest way to find a better fund was to use a comparison website, just like the ones people turn to to assess the best health insurance or home loan options.
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Original URL: https://www.afr.com/wealth/superannuation/first-guardian-collapse-super-victims-want-answers-from-asic-20250718-p5mfzk
