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Subscribe: https://ab.co/3yqPOZ5 The failed First Guardian and Shield schemes have cost about 12,000 Australians more than $1 billion in retirement savings and exposed deep flaws in how Australia's $4.3 trillion superannuation sector is regulated. Investors have accused ASIC of taking far too long to act. The corporate regulator says it didn't miss any red flags and acted as soon as it could. ASIC blocked investment in Shield in February 2024 and froze the assets of First Guardian in February 2025. This happened well after reports to the corporate watchdog of alleged misconduct as early as January 2021, in emails sent to the regulator seen by ABC News. ASIC deputy chair Sarah Court says as soon as they became aware that there was something wrong with "the underlying fund itself, like the solvency of the fund or investors' monies in relation to that fund, then (they) acted very quickly to shut that down". ASIC's allegations — yet to be tested in court — include that hundreds of millions of dollars of investor funds were sent offshore and used by the companies' directors for pet projects, as well as paying for fast cars and mortgages on lavish homes. The regulator is investigating almost everyone involved, including the telemarketers who first contacted investors, often using hard-sell tactics to convince them to move their superannuation savings out of APRA-regulated super funds and into managed investment schemes that do not face the same level of scrutiny. The corporate watchdog is also investigating financial planners who often had connections with the telemarketers and who convinced the investors to sign legal documents known as statements of advice (SOAs) that would lock them into moving their superannuation savings — in many cases hundreds of thousands of dollars — into less regulated schemes. Ferras Merhi - the Venture Egg chief executive and owner of Financial Services Group Australia is being investigated by ASIC. Mr Merhi told ABC News in a written statement: "Every allegation of unlawful conduct that ASIC has made, and any allegation it might yet make, will be strenuously defended in the court proceedings. ASIC has also gone after the licensees that were supposed to govern the financial planners giving the advice, cancelling the licences of MWL Financial Services, United Global Capital and Financial Services Group Australia. The other licensee involved, Interprac, is operated by ASX-listed Sequoia. It's the only licensee involved with Shield and First Guardian that as yet has not faced a ban. Its CEO, Garry Crole, sat down for an extended interview with ABC News and said they were not worried they were next on ASIC's hit list. Asked what was going through his mind when he saw hundreds of clients coming in, from which Interprac was making fees — Mr Crole says Interprac was getting roughly 5 per cent of the thousands of dollars of fees charged to each client. Mr Crole says Interprac has since put in place a new governance committee that oversees its approved product list. Mr Crole previously wrote to investors caught up in the collapses, telling them they might be able to get "remediation" from super trustees. Both First Guardian and Shield were accessed through well-known superannuation platforms including Macquarie, Diversa, Netwealth and Equity Trustees. The last of which ASIC is now suing. The regulator has also flagged it could take legal action against the other platforms. Also the Climate Energy Finance director Tim Buckley joins the program to talk about Australia's new emissions reduction target for 2035. ANZ bank faces a record $240 million penalty for engaging in "unconscionable conduct" in some of its bond trading for the federal government, as well as "widespread misconduct" affecting nearly 65,000 retail customers and we look at why it's important to have a legally binding will to avoid inheritance traps. Close of Business is presented by Alicia Barry. Editor’s note: Following the broadcast of this edition of Close of Business, changes were made to the online version of the wills story to clarify the role of the NSW Trustee and Guardian and the existence of two wills relating to the family featured in the story (https://www.abc.net.au/news/2025-09-1...) #ABCBusiness