Australian regulator warns against superannuation scams following massive fund collapses

The Australian Securities and Investments Commission has warned Australians with superannuation to be vigilant regarding cold calls and social media advertisements encouraging them to move their retirement funds. The Daily Mail reported the advisory on 10 November 2026. [1]

According to the Daily Mail, marketing firms called lead generators employ these aggressive promotion tactics to target potential clients. The firms then refer those individuals to potentially untrustworthy financial service providers. [1]

The warning follows the collapse of both the Shield Master Fund and the First Guardian Master Fund. The Daily Mail reported that approximately 12,000 investors face prospective financial losses totaling more than $1 billion across the two failed entities. [1]

Among the affected individuals is Melinda Kee, who lost $400,000 after being targeted by a lead generator in the First Guardian collapse, according to the Daily Mail. [1]