Hi Scott,
I read your column about Mary (“I’m Still Standing”), who lost the majority of her lifetime super savings through the First Guardian Master Fund collapse.
I’m the government-appointed CEO of the Compensation Scheme of Last Resort.
Around 12,000 people were impacted by Shield and First Guardian, but only 2,000 have lodged complaints with the Australian Financial Complaints Authority (AFCA). What happened to the other 10,000?
If you received dodgy advice, you may be eligible for compensation. Lodge a complaint with AFCA. And encourage everyone to check their super balance now! Love your work. Keep giving the bad guys a hard time.
David Berry, CEO, Compensation Scheme of Last Resort
Hi David,
Your job is to compensate Aussies who have received dodgy financial advice?
Bloody hell, you’d be busier than TAL’s funeral insurance public relations team.
Here’s my best guess on where those 10,000 missing victims are:
They have no idea it happened.
The vast majority of people who got screwed innocently clicked on a Facebook ad offering a free super comparison or review. They were taken to a page that asked for their phone number. Then a smooth-talking spiv convinced them to move their super into a dog-turd super fund.
Then their money went ‘poof’!
And here’s the thing about super: it’s the one account we never check. It just sits there while we get on with life. Which is exactly what these crooks were counting on.
So let’s give a brother a hand.
There are a couple of million Barefooters reading these words right now.
So I have a favour to ask of you.
If you, or someone you love, ever clicked on a social media ad and switched your super, or if a financial advisor has switched you into a super fund, go here right now to find out if you’re affected: