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On 7 April 2026, Treasury released a consultation paper seeking feedback on policy options to better protect people in the Australian superannuation system. The consultation is in response to the collapse of the Shield and First Guardian Master Funds.
Our team has made a formal submission on this consultation.
In our view, while the proposals reflect a well-intentioned response to concerns arising from the collapse of the Shield and First Guardian funds , we are concerned that they:
- duplicate existing regulatory regimes intended to respond to the same, or substantially similar, concerns; and
- create new regulatory burdens without properly addressing the root cause of Treasury’s concerns.
We are also concerned that the proposals may be inconsistent with the policy imperatives of Government with respect to the affordability and accessibility of financial advice, member agency, superannuation portability, and transition to retirement for Australians.
While we are supportive of proposals to address the legitimate issues exposed by the Shield/First Guardian collapse, we believe that the existing regulatory frameworks within the Corporations Act and SIS Act already address the issues raised by Treasury in the Consultation Paper.
If you would like to read a copy of our submission, download a copy here.
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