ASIC warns Australians to check their superannuation balances after savings vanish
Australia's corporate watchdog ASIC warned citizens Friday to monitor superannuation accounts after discovering trustees allowed excessive fees to erode retirement savings. One member lost nearly 100 percent of their balance to inappropriate charges, while another group lost half their super on average. The warning follows the Shield and First Guardian collapse, which cost 11,000 Australians about $1 billion.
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Published 20 Jul 2026, 05:02 UTC · Updated 20 Jul 2026, 05:10 UTC
Summary by OZbrief Editorial. Original report: The West Australian. Editorial policy · Corrections