Finance
Aussie suburbs with the largest superannuation losses from collapsed funds: ‘Still unaware’
There are still thousands of Australians who have lost retirement savings in their superannuation accounts that likely don’t realise. The Australian securities regulator is urging people to double check their account to make sure you’re not impacted by the high-profile collapse of two investment funds.
Some 12,000 Aussies had their superannuation funds switched into Shield and First Guardian. But years later about 9,000 still haven’t made an official complaint with the financial ombudsman, with only about 3,000 seeking compensation so far.
“In our view that’s not enough,” ASIC Commissioner Alan Kirkland told Yahoo Finance.
“We suspect a lot of people are still unaware.”
RELATED
The Australian Securities and Investments Commission (ASIC) has shared postcode data with Yahoo Finance, showing the suburbs with the worst loses stemming from the $1 billion disaster.
Of the top postcodes across the country, four are in Queensland – 4740 Mackay, 4350 Toowoomba, 4670 Bundaberg and 4209 Coomera Pimpama.
Four are in Victoria – 3029 Truganina, 3064 Craigieburn, 3030 Werribee/Hoppers Crossing and 3977 Cranbourne/Cranbourne East/Cranbourne North.
While two others are in Western Australia – 6112 Armadale and 6171 Baldivis.
“Queensland, Victoria and WA are over represented,” Kirkland said.
“But really what we’re trying to say with releasing this data is that there are people who are affected by this in every part of the country.”
The top postcodes for each Australian jurisdiction
|
NSW |
2259 |
Wyong · Tuggerah · Lake Munmorah. |
|
VIC |
3977 |
Cranbourne · Cranbourne North · Cranbourne East |
|
QLD |
4740 |
Mackay · North Mackay · West Mackay |
|
SA |
5114 |
Smithfield · Craigmore · Blakeview |
|
WA |
6112 |
Armadale · Piara Waters · Harrisdale |
|
TAS |
7250 |
Launceston · Riverside · Newstead |
|
NT |
0830 |
Palmerston City · Durack · Gray |
|
ACT |
2620 |
Queanbeyan · Googong · Karabar |
Aussies urged to reach out to their superannuation fund
Many people may still not realise they were invested in Shield and First Guardian, because the funds sat behind well-known platforms or financial advisers. So if you happen to be in one of these postcodes and have not looked at your super in a few years, it is really worth checking, he said.
“If they’re not sure weather they invested in Shield or First Guardian they should reach out to the superannuation fund and ask about that,” Kirkland urged.
The UK’s financial regulator should consider expanding its oversight to cover advanced artificial intelligence models used in financial services, according to a review commissioned by the Financial Conduct Authority (FCA), as policymakers assess whether existing rules can keep pace with rapidly evolving AI technology.
The Monetary Authority of Singapore (MAS), the city state’s central bank and financial regulator, has joined forces with major financial institutions and FinTechs to release a white paper aimed at keeping AI agents in finance operating within safe limits.
The paper, called Safeguards for Agentic Finance at Runtime (SAFR), lays out an industry-built framework designed to let AI agents perform financial tasks in a manner that is safe, secure and dependable. It has been produced under BuildFin.ai, the MAS programme that backs the responsible creation and rollout of AI tools across the financial sector.
The push comes as AI agents take on more autonomous work at a pace that makes hands-on human oversight impractical. In response, firms require real-time controls that keep agent behaviour inside the mandates, policies and risk limits they have defined. SAFR answers this with a series of governance checkpoints that check and log each action an agent proposes before that task is carried out.
The framework extends the AI Risk Management toolkit created through MAS’ Project Mindforge, concentrating on how protections can be put into practice at the moment an agent acts. The white paper maps out how measures such as policy bound execution, real time validation, auditability and interoperability can be woven into system operations, giving institutions the confidence to deploy agents consistently.
Industry participants have already tested SAFR in several settings. These include agent-assisted payments and treasury work, where agents handle routine transactions inside set mandates to cut friction and lift efficiency; wealth management and advisory processes, where agents examine documents and produce structured assessments within tightly defined task limits to speed up compliance reviews; and client engagement, where agents create insights and draft materials within approved content boundaries so staff can serve clients more productively.
Stay ahead of the regulatory curve. Subscribe to FinTech Global’s newsletter today, and read the daily FinTech news for the strategic intelligence and early insight industry leaders rely on.
Copyright © 2026 FinTech Global
Investors
The following investor(s) were tagged in this article.
Talking about finances can be stressful, but it’s even more stressful if you’re not sure what advice is good and what advice might put you in a worse position than you started in.
Recently, a Reddit user who goes by market_vision1 asked, “What is the worst financial advice people still repeat?” I took out a little pen and paper while I was reading through these, like, “Lemme write that down. And that. Oh! And that, too!” I’m curious what you think, though. Are all of these things we should avoid financially?
1. “One of the more damaging ideas out there is ‘Oh, you’re young, don’t worry about money, just go have fun and worry about it when you are older.’ Of course, the number one regret I hear from clients nearing retirement is that they wish they had just started saving when they were younger.”
—u/hems86
2. “The ‘tax bracket’ myth should be illegal. My uncle turned down a $10K raise because he thought he’d ‘lose money.’ He literally paid $10,000 to avoid $2,200 in taxes. That’s not a tax strategy. That’s a $7,800 donation to the Dumba— Fund, and he’s the chair.”
—u/Serious_Cress5040
Related: “31 Things Only Super Wealthy People Can Buy That You Probably Don’t Even Know Exist”
3. “People living outside of their means and not realizing it. They say things like, ‘You deserve X, don’t settle for less.’ Most of the people I see who are broke are not 100% victims of the system. The majority of people waste their money on dumb stuff that they can’t afford. They’ll tell me they’ve cut out all unnecessary spending, but when I look at their actual expenses, I see otherwise. Spending $800 a month on DoorDash, financing a new car with a $900 monthly payment, going on international vacations, spending 70% of their income on rent in a fancier apartment when there are options for cheaper living.”
—u/hems86
4. “I’m a financial planner, and some of the worst advice I’ve ever heard is ‘Don’t pay off your credit cards in full. Carrying a balance on your credit card builds your credit; paying it off every month hurts your score.’ People say this to me all the time when I ask why they carry a balance on their card with 25% interest when they have more than enough to pay it off.”
—u/hems86
5. “It’s not so much advice as it is a financial choice. I know people who are taking out 96-month loans on cars they never should’ve considered in the first place, just because they can make the car note when it’s stretched over eight years. They never considered the interest on the loan plus the rate cars depreciate and are befuddled when they can’t afford to trade it in.”
-
Movie Reviews8 minutes agoFilm reviews: ‘The Invite’ and ‘Minions & Monsters’
-
World18 minutes agoFeds Detail Hoopster Kerr Kriisa’s Alleged $2.2M Criminal Side Hustle
-
Politics30 minutes ago
Preliminary Hearing for Man Accused of Killing Charlie Kirk Starts in Utah
-
Lifestyle60 minutes agoWhat a divorce coach wishes couples knew before ending a marriage
-
Technology1 hour agoHoto’s PixelDrive screwdriver is down to $60, matching its best price
-
World1 hour agoCuba plunges into third major blackout this year as power crisis worsens
-
Politics1 hour agoTop Platner ally turns on him after bombshell rape allegation rocks campaign: ‘Red line’
-
Health1 hour agoExperimental vaccine shows promise against dangerous intestinal illness
