Netwealth Refunds $100M, ASIC Investigates Super Collapse
Update: 2025-12-17
Description
Netwealth to Repay $100M to First Guardian Victims: ASIC Investigation ContinuesNetwealth, a financial firm, has agreed to refund $100 million to some of the individuals affected by the First Guardian collapse. Thousands of Australians lost their retirement savings in this situation. Netwealth made a deal with ASIC to fully refund the money, minus any withdrawals, to one thousand of its members who invested in First Guardian. The company admitted to ASIC that it didnt properly understand or check the financial risks before offering First Guardian as an investment choice to its clients. ASIC wont fine Netwealth due to the special circumstances and the companys strong cooperation. Netwealth worked with ASIC without waiting for the outcome of the First Guardian liquidation or legal action against others involved. ASIC is also investigating First Guardian and Shield Master Fund, with around twelve thousand Australians losing an estimated one point one billion dollars in the overall superannuation collapses.
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