Category: 3. Business

Have you received some unwanted gifts this holiday season? 

Perhaps you’ve bought a few things for yourself that you now regret.

It can feel a little awkward asking for a refund or to exchange an item, especially if you’re not sure what you’re entitled to.

It’s one of those errands you may want to avoid altogether but to make it less painful, we’ve broken down what you’re entitled to. 

Firstly, is the product faulty? 

Your rights really boil down to the reason for the return, according to the Australian Competition and Consumer Commission (ACCC).

“If a product is faulty, doesn’t match the description, or is not fit for purpose, consumers will have rights to a remedy under the Australian Consumer Law (ACL),” the ACCC says.  

Also known as consumer guarantees, these rights still apply if an item was given as a gift and a “remedy” can include a refund, repair or replacement.

But it depends on whether the problem is considered “major” or “minor”. 

According to the ACCC ordering a red bicycle and receiving a green one, an electric blanket with faulty wiring or a raincoat not being waterproof because it’s made from the wrong material are all examples of major problems. 

If something does not meet a consumer guarantee and you would like it refunded, repaired or replaced, “a business can ask consumers to provide a receipt or another form of proof of purchase,” the ACCC says.

“Other acceptable forms of proof of purchase may include a credit or debit card statement, lay-by agreement, a receipt or reference number given over the phone or internet, as well as warranty cards or serial numbers.” 

Can I get a refund for change of mind?  

This is where things become more nuanced. 

The ACCC says consumers don’t have the same rights if “they no longer like or want a product”.

Wanting to return something because it’s the wrong size, you found it cheaper elsewhere or you did not like the item would typically all fall under a “change of mind”.

Nicola Howell, a senior lecturer at Queensland University of Technology’s law school, says our consumer law does not address “change of mind” returns.

Dr Howell says it comes down to the policy the store offers. There’s no obligation to have a change of mind policy, but retailers do need to be consistent if they offer one, she says.

If you’re shopping for something that may need to be returned, she recommends checking the store’s specific policy.

The store determines whether it allows “change of mind” refunds or exchanges, the return window, and the kind of proof of purchase it requires, Dr Howell says.

What is a return window? 

When it comes to change of mind returns, most store policies outline the length of time a customer has to refund or exchange an item.

Consumer Action Law Centre CEO Stephanie Tonkin says the ACL doesn’t force businesses to offer change of mind refunds, but they are legally obligated to follow their own policy.

“If they do set a return period — 14 days, 30 days, whatever — they must honour it.”

Consumer Affairs Victoria says the policy should be clearly displayed at point of sale or included on the business’ website.

What about exchanges? 

Once again, exchanges typically fall under the individual store’s policy. 

Ms Tonkin says wanting to swap the size of an item, such as a pair of shoes or a shirt that does not fit are “generally a change of mind, not a fault”.

If the store has a change of mind policy, such as exchanges within 14 days, “they must stick to it”.

‘The store’s policy never overrides the law’ 

It’s important to remember that return windows or exchange policies can’t be used to “shut down your rights” when it comes to faulty products, Ms Tonkin says.

“If something is broken, unsafe, or not what you were promised, your ACL rights apply regardless of any “no refunds” or expired return window..”

The ACCC says while businesses can put conditions on returns under their policies, they cannot put those same conditions on returns where products do not meet the consumer guarantees.

If you have an issue with a store, you can contact your local state or territory fair trading or consumer affairs agency for assistance, the ACCC says.

There was only one winner for the Powerball’s Dec. 24 jackpot worth more than $1.8 billion, and that valuable ticket was sold at a gas station outside Little Rock, Arkansas. But several lottery players in Massachusetts woke up Thursday morning to a nice Christmas gift.

There were eight Powerball tickets worth $50,000 sold in Massachusetts, according to the state lottery. To win $50,000, players need to match four numbers and the Powerball. The odds of doing so are 1 in 913,129.

The winning numbers were 4, 25, 31, 52, 59, with a Powerball of 19.   

The $50,000 tickets were sold in:

Attleboro (Cumberland #0135)
Dedham (7-Eleven 34499-1)
Essex (Schooner’s Market)
Methuen (Ted’s Stateline Mobil)
Rockland (Go Go Gas)
Peabody (Stop & Shop #005)
Provincetown (Cumberland #2232)
Salem (Castle Hill Mini Mart)

Winners in Massachusetts have up to a year to claim their prize before they expire. Payments can be claimed at one of the state’s regional lottery offices.

The $1.817 billion grand prize was the second-largest U.S. lottery prize ever. One of the largest-ever Powerball prizes was claimed in Massachusetts in 2017 by Mavis Wanczyk of Chicopee, who was the sole winner of a $758.7 million jackpot.

There is another record jackpot still up for grabs in Massachusetts. There was no big winner in the Megabucks drawing Wednesday night. The jackpot for the $2 game is now up to $9.35 million, the largest since the game was redesigned in 2023. The next drawing is Saturday night.

South Australian farmers will soon be able to use virtual fencing to move livestock out of the path of bushfires after the technology was formally legalised in the state last week.

The system, which allows livestock to be moved remotely via electronic collars, can guide animals out of danger and prevent them becoming trapped as a fire approaches.

The state’s approval makes it the last jurisdiction in Australia to sign off on the technology, paving the way for rollout next year.

The announcement has been welcomed by Livestock SA, with the organisation expecting strong demand from primary producers to transition to virtual fencing.

“The benefits are multi-dimensional,” Livestock SA chief executive officer Travis Tobin said.

“Heaven forbid if they do come, but in natural disasters it gives you that flexibility where you’re not losing kilometres of fence lines, and the animals can get away so they’re not trapped.”

New technology could help in emergencies

Specific details on how the new technology will be licensed and governed are yet to be released, but businesses are working with the state government to be rollout ready.

Halter is one of the businesses that will apply for a permit to sell and install virtual fencing in the state.

Director of strategic relations Brent Thomas said the benefits of the technology surpass day-to-day operations.

He said if a flood or bushfire was to strike, virtual fencing can help protect human as well as animal lives.

“With this technology, farmers are able with the palm of their hand, to move their cattle to safer ground.

Mr Thomas said many South Australian farmers were keen for the announcement, having added their names to the company’s waitlist months ago.

“They had been really hopeful this news would come out for a long time,” he said.

“I think they’re very, very excited … it’s going to be a game-changing technology for their farms.”

SA farmers enthusiastic about transition

One of the farmers who has been signed up on the wait list for virtual fencing equipment is Adam Mann, co-manager of Donovan’s Dairy in the South East.

Mr Mann had been advocating for virtual fencing throughout the year, expecting the new technology to save time and money on his farm.

“It’s nice to be on an even playing field with the rest of the states,” he said.

“We’ll be trying to get it on as soon as possible, early 2026 will be a pretty good goal for us.”

Story continues

Partnering with Stonepeak in a US$10.1 billion transaction to support Castrol’s next phase of growth

Toronto, CANADA (December 24, 2025) – Canada Pension Plan Investment Board (“CPP Investments”), today announced an agreement to acquire an indirect non-controlling interest in Castrol, a global leader in lubricants, alongside Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets. Stonepeak is acquiring a majority controlling interest in Castrol from BP p.l.c. (“bp”) (NYSE: BP) (LON: BP). The transaction values Castrol at an enterprise value of approximately US$10.1 billion. CPP Investments will invest up to US$1.05 billion in support of the transaction.

Castrol is one of the largest lubricants providers globally and serves consumer automotive customers, as well as commercial and industrial end markets. As an embedded part of the large and diversified global finished lubricants market, Castrol works closely with its customers and consumers to develop and supply highly engineered lubricants for specific applications. Castrol manufactures and markets engine oils, industrial fluids, and greases through approximately 20 blending plants and more than 100 third-party facilities and warehouses worldwide across 150 countries. Applications have included servicing the first jet airline, the Concorde, space missions for over 60 years, and many professional auto and bike racing teams, establishing Castrol’s historic and trusted brand identity. Castrol’s products are recognized globally for their high performance, premium quality, and use of cutting-edge technology, and are supported by a global workforce of thousands of skilled professionals.

“Castrol is a high‑quality, global business at the heart of the energy and industrial economy. Its cutting-edge innovations and premium brand position it well for a growing role in emerging applications, from electric vehicles to data centres,” said Bill Rogers, Managing Director, Head of Sustainable Energies, CPP Investments. “Our investment alongside Stonepeak aligns with our strategy of backing businesses that are essential to the energy system. We believe Castrol’s strong market position and diversified growth opportunities will deliver attractive risk‑adjusted returns for the CPP Fund.”

“Lubricants are a mission-critical product, which are essential to the safe and efficient functioning of virtually every vehicle, machine, and industrial process in the world,” said Anthony Borreca, Senior Managing Director and Co-Head of Energy at Stonepeak. “Castrol’s 126-year heritage has created a leading market position, an iconic brand, and a portfolio of differentiated products that deliver meaningful value to its customers. We are excited to work alongside Castrol’s talented employees, coupled with bp’s continued guidance as a minority interest holder, as we support the business’s continued growth.”

The transaction is expected to close by the end of 2026, subject to customary regulatory approvals.

In addition to the announcement today, an announcement in respect of a mandatory tender offer (“MTO”) to the public shareholders of Castrol India Limited, in accordance with the Indian takeover code was published by UBS Securities India Private Limited as manager in respect of the MTO. The MTO will be proceeded with only upon completion of the Castrol transaction. The relevant details have been included in the Public Announcement on the Securities and Exchange Board of India website.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2025, the Fund totalled C$777.5 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

YONEX (TSE:7906) has quietly turned into a strong long term winner, with the stock up roughly 54% over the past year and nearly tripling investors’ money over the past 3 years.

See our latest analysis for YONEX.

The latest 1 day share price return of 2.97 percent, to ¥3,290, suggests buyers are stepping back in after a 30 day share price pullback. Momentum also appears broadly positive given the 1 year total shareholder return above 50 percent.

If YONEX has you rethinking growth potential, this could be a good moment to scan the market for other stories using our screener for fast growing stocks with high insider ownership.

Yet with earnings still growing at a double digit clip, an intrinsic value estimate suggesting roughly 25 percent upside, and shares trading just below analyst targets, is YONEX a mispriced compounder, or is the market already assuming years of strong growth?

On a trailing price to earnings basis, YONEX trades at 24.4 times earnings, which screens as expensive against both its peers and its own fair ratio.

The price to earnings multiple compares the current share price to per share earnings. It is a quick way to gauge how much investors are paying for each unit of profit in a consumer durables name like YONEX.

In YONEX’s case, investors are paying a substantial premium, with the current 24.4 times earnings multiple sitting well above the estimated fair price to earnings level of 17.8 times that our models suggest could be a more sustainable anchor point over time.

The same pattern shows up in peer comparisons. YONEX’s 24.4 times earnings valuation stands markedly above both the broader JP Leisure industry average of 13.8 times and a narrower peer set at 12.5 times. This underscores how aggressively the market is pricing in future growth.

Explore the SWS fair ratio for YONEX

Result: Price-to-Earnings of 24.4x (OVERVALUED)

However, investors still face risks, including potential multiple compression if growth slows and sensitivity to any downturn in discretionary consumer spending on sports equipment.

Find out about the key risks to this YONEX narrative.

While the current 24.4 times earnings multiple looks stretched, our DCF model points the other way, with YONEX trading about 24 percent below an estimated fair value of roughly ¥4,353. In plain terms, are investors overpaying on earnings or underestimating long term cash flows?

Look into how the SWS DCF model arrives at its fair value.

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out YONEX for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 901 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

If you see the story differently or want to dig into the numbers yourself, you can build a personalized view in just minutes: Do it your way.

A good starting point is our analysis highlighting 3 key rewards investors are optimistic about regarding YONEX.

Do not stop at one opportunity. Use the Simply Wall Street Screener to uncover data backed ideas that others will only notice once prices have already moved.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include 7906.T.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Every Saturday morning, 55-year-old Sally King happily makes the hour-long return trip from her home in Palmerston to a supermarket in Darwin, rescuing food from an alternative route to landfill. 

Returning home with her ute stacked with groceries, Sally then starts unloading crates of fresh produce into a heavily air-conditioned room.

Her home is quickly transformed into a makeshift distribution centre for the mutual-aid kitchen Sally organises over Facebook.

For almost six years, Aunty’s Free Feeds has been serving home-cooked meals to anybody who needs them from a pop-up buffet in the car park of a Palmerston swimming pool.

The concept was founded by local Reanna-Dawn Sanders, who launched the program with a simple menu of sausages and bread, explains Sally.

“She is the original Aunty and the rest of us just consider ourselves the adopted aunts,” she says.

Pop-up buffet in pool car park

By 4:50pm on Sunday afternoon, a bleak and shadeless car park in Palmerston rapidly transforms as volunteers set up trestle tables and trays of food.

The team is well practised in bumping in this efficient operation, which often feeds over 150 people.

From roast chicken to stews, salads and desserts, the colourful line-up is a welcome sight in a part of outer suburban Darwin where many are doing it tough.

The types of meals on offer “will depend on the volunteers’ skill set”, Sally explains, adding that the availability of ingredients also dictates the weekly menu.

“Some people can make something out of almost nothing,” she says.

This week’s offering includes a savory mince dish with edible gourds, after the group received a bulk donation of the squash-like vegetable.

“We do have a couple of people who will regularly give us a cash donation, and we mainly use that to buy ingredients for the volunteers to then make other food,” Sally says.

‘Severe food insecurity’ rife

According to Foodbank’s 2025 Hunger Report, released last month, one in three Australian households experienced food insecurity in the past year, with cost of living the “number one concern” for 87 per cent of homes.

One in five Australian households experienced “severe food insecurity”, defined as skipping meals or whole days of eating, in the year up to July 2025.

It’s a 1 per cent increase on the previous year.

Moulden resident Sharlene Keegan says without the meal service, she would struggle to make ends meet.

“It helps tie up loose ends and basic needs, and getting a feed every week is really good,” Ms Keegan says.

“It has helped me a lot with my health and made me a lot better.”

Regular volunteer Greg Steunebrink says the benefits of Aunty’s Free Feeds have flowed to his family, too.

“It’s just really been a way of life for the past six years,” he says.

‘A little community’ of aunties

While Sally is open to the idea of Aunty’s Free Feeds partnering with a registered charity to access more funding, she says there is a sense of camaraderie that comes with being a smaller outfit, and the informal charity has become “its own little community within itself”.

“We’re not unregulated, but we’re a casual organisation, and so I think we also take a bit of pride in just being a group of volunteers who just want to help other people,” she says.

“We have a little chat group, and the volunteers will often talk about how they love the like-mindedness of the other volunteers.

Insider Brief

• London Tech Week 2026 has opened registration for its 8–10 June event at Olympia London, positioning itself as a major European forum on AI, quantum, deep tech, and frontier innovation.
• Organizers announced the first wave of global speakers across AI, quantum, robotics, biotech, and enterprise technology, alongside Microsoft and AWS as headline partners.
• The 2026 edition introduces a redesigned structure with separate Enterprise and Startup “Worlds,” an expanded VIP programme, and new interactive formats including hackathons.

PRESS RELEASE — Registration for London Tech Week 2026 is now open, marking the launch of Europe’s most influential technology gathering, taking place 8 – 10 June 2026 at Olympia London. The campus will host tech’s most influential figures, including leading founders, enterprise leaders, investors and policymakers from around the world, at a pivotal moment for Europe’s technological future.

Against a backdrop of rapid advances in AI, quantum, deep tech and frontier innovation, the next ten years will shape Europe’s competitiveness, resilience and ability to lead on the global stage. London Tech Week will provide one of the central forums for insight, debate and collaboration on the critical issues facing the continent’s tech ecosystem.

The 2025 edition welcomed more than 30,000 attendees from 128 countries, including 12,500 enterprise leaders, 5,500 startup attendees and over 1,000 investors. With attendees from enterprise CIOs and unicorn founders, to global investors and policymakers, London Tech Week has built a reputation as a globally significant platform.

First Wave of Global Speakers & Headline Partners Announced

London Tech Week also today unveiled its first confirmed speakers for 2026, highlighting preeminent European and global voices in AI, robotics, quantum computing, biotech, and frontier science. Learn from most influential figures about what’s capturing their attention and where they are placing their bets, including:

• Mati Staniszewski, Co-Founder & CEO, 
• ElevenLabs Anton Osika, Co-Founder & CEO, Lovable
• Alan Chang, Co-Founder & CEO, Fuse Energy
• Alex Kendall, Founder & CEO, Wayve
• Jeannette Zu Furstenburg, Managing Director & Head of Europe, General Catalyst
• Luca Ferrari, Co-Founder & CEO, Bending Spoons
• Tom Hale, CEO, ŌURA
• Will Marshall, Founder & CEO, Planet
• Toyin Ajayi, Co-Founder, Cityblock Health
• Max Junestrand, Co-Founder & CEO, Legora
• Professor Sarah Tabrizi, Director, UCL Huntington’s Disease Centre
• Alex Zhavoronkov, Founder & CEO, Insilico Medicine

Furthermore, London Tech Week 2026 Headline Partners are Microsoft and AWS reflecting deep industry support for the event. They will also shape a week dedicated to showcasing the technologies, ideas and leaders redefining the future of business.

“Europe has entered a Decisive Decade for technology innovation, and London Tech Week 2026 will bring together the most influential figures shaping that future,” said Carolyn Dawson OBE, CEO of Founders Forum Group. “Our focus this year is on practical, real-world innovation. The UK and Europe’s ability to be competitive in technology requires founders, industry leaders, investors, talent and policymakers to come together, tackle the barriers, and create the opportunities for innovators to scale into global leaders. We’re curating everything in one place so attendees can discover new ideas, touch, test and interrogate the tech that’s reshaping our world, and learn what works in practice.”

What’s New for 2026?

For 2026, London Tech Week has been redesigned to deliver deeper, more focused engagement for the global technology ecosystem. Key enhancements include:

A New Event Architecture – Two Worlds

To deliver a personalised experience to delegates, the programme is now organised into:

Enterprise World

• AI Arena – this is London Tech Week’s flagship stage hosting the biggest names in global tech including Visionaries shaping AI, real-world applied AI, and enterprise transformation at scale
• Core Stage – focused on developments in compute, cloud, connectivity, quantum and infrastructure
• Transformation Stage – exploring how technology is reshaping critical sectors and enterprise functions, focusing on finance, sales and marketing, and customer operations

Startup World

• Deep Tech Stage – exploring advances in space, robotics, materials, life sciences, national security.
• Founders Stage – visionary entrepreneurs sharing their journeys and lessons learned in building from the ground up to Unicorn scale.
• Ignition Stage – showcasing the next generation of startups and scale-ups transforming the world; will also host Tech Nation’s grand pitch competition finale

Expanded VIP Programme

A significantly enhanced VIP experience will convene a large and curated group of C-suite leaders, including CIOs, CTOs, CAIOs and CDAOs, for high-value networking, closed-door roundtables, private briefings and curated 1:1 meetings.

New Interactive Formats

For the first time, London Tech Week will introduce hackathons – of which more will be announced in the coming months. As well as the return of popular invite-only events including the Investor Forum (for VC/CVC audiences only) and the C-Suite AI Strategy Forum.

Tech Industry Leaders on London Tech Week

London Tech Week is the forum for bold, visionary leaders shaping ideas and the future. Darren Hardman, Microsoft UK CEO, in his London Tech Week 2025 Main Stage keynote, said: “Talent – not just technology – will decide which nations lead in the AI era.” He described AI as “the defining opportunity of our generation” that was “fundamentally transforming how we work, how we live, and how we dream – on an unprecedented scale.”

Meanwhile, Tanuja Randery, AWS Managing Director, EMEA in her London Tech Week 2025 keynote, emphasised AI’s transformative potential for Europe. She highlighted London Tech Week as a key gathering for “the brightest, most creative and learning-oriented minds” reimagining the future through AI innovation – positioning the event as central to fostering a culture of invention. 

Registration is now open — London Tech Week 2026 is welcoming delegates, founders, investors and technology leaders to now register for passes, with limited early-bird pricing available. You can visit the link to register today: www.londontechweek.com

Thousands of First Guardian investors were dealt another devastating blow in December when it was revealed just $1.6 million had been recovered from the almost $450 million invested in the failed fund.

The fund collapsed earlier this year, leaving about 6,000 investors with losses of $446 million.

Since the First Guardian and Shield managed investment schemes were wound up in April, thousands of Australians have faced devastating financial consequences, and now face the possibility they will not recover their retirement savings.

Many investors switched their life savings from APRA-regulated funds into these less regulated managed investment schemes.

The collapses rocked Australia’s superannuation sector in 2025 and the fallout will continue in 2026, with the corporate regulator naming it a key priority for the year, and the government weighing up stronger laws.

Money recovered so far not enough to cover liquidator fees

In an update in December, liquidators of Falcon Capital, the entity that administered the First Guardian scheme, said just $1.6 million had been recovered so far.

That is not enough to cover the liquidator FTI Consulting’s remuneration, which at the time of its report, stood at almost $2 million.

The liquidators also warned that any potential distribution to investors, if it comes, is at least 18 months off.

Just before Christmas, about 1,000 investors who tipped $100 million of retirement savings into First Guardian through financial services operator Netwealth received welcome news that the company will repay them in full as part of a settlement with the corporate regulator.

This followed a similar agreement with Macquarie Group, which agreed to pay $321 million to about 3,000 people who invested in Shield through its platform.

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However, First Guardian and Shield victims who invested through platforms run by two other companies, Diversa and Equity Trustees, are yet to recover a cent while ASIC has legal actions underway against both.

First Guardian investor funds allegedly went offshore

Corporate watchdog ASIC blocked investment in Shield in February 2024 and froze the assets of First Guardian in February 2025.

ASIC, which has come under fire for taking too long to act, has launched multiple investigations into the conduct of both funds’ directors.

The amount so far recovered from the First Guardian collapse included about $336,646 from the sale of a Lamborghini Urus, allegedly bought with investor money.

The liquidators report alleged that most of the investor money invested in First Guardian went offshore.

The report said $94.2 million was allegedly channelled into related-party investments, with a further $166.2 million sent to management-related parties, most of which had no formal agreement with Falcon.

$11.7 million was allegedly moved to directors’ personal investment vehicles, as well as family members of the directors, the report said.

Liquidators warned that several First Guardian investments would require litigation to effect recoveries, while “other potential legal claims identified would primarily be against the directors or related parties”, making the amount and time of recovery uncertain.

Which begs the question, who will end up paying First Guardian investors back their lost retirement savings?

Prosecuting those involved an ASIC ‘priority’

ASIC has said that prosecuting those involved in the Shield and First Guardian collapses is a top enforcement priority for 2026, and that more cases could follow.

In November, the regulator announced legal action against more players involved in the collapse of both schemes.

ASIC has alleged thousands of Australians were exposed to poor financial advice and significant risks from the Shield and First Guardian schemes through critical oversight and compliance failures by Sequoia-owned Interprac.

Interprac has said it will be defending the allegations.

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The regulator has also sued ratings agency SQM Research, which had published “favourable” ratings for Shield. SQM Research said it will defend the allegations.

Superannuation trustees that ran platforms housing First Guardian and Shield products on their shelves have also been in ASIC’s sights.

After already taking legal action against Macquarie — which has agreed to pay Shield investors back their money — and Equity Trustees, which is defending the legal case against it, in December, the regulator commenced legal proceedings in the Federal Court against superannuation trustee Diversa.

ASIC alleged Diversa failed to conduct sufficient due diligence before allowing its members to invest, and that the super trustee failed to adequately monitor the First Guardian fund. Diversa said it would be “vigorously defending” the allegations.

Meanwhile, Equity Trustees, which ASIC has already sued in the case of Shield investors, could potentially face further proceedings for its involvement with First Guardian.

In October, Netwealth Group announced on the ASX that its subsidiary Netwealth Superannuation Services had submitted an application to Assistant Treasurer Daniel Mulino seeking financial assistance under superannuation law.

The minister could approve applications under the relevant legislation if a fund has suffered a loss from fraudulent conduct or theft. The same legislation was used to remediate clients of the Trio Capital collapse.

According to Netwealth’s statement, 1,088 Netwealth members have a combined exposure to the First Guardian collapse of $101 million.

Netwealth withdrew the application at the same time as settling with ASIC and agreeing to compensate customers from its own funds in December.

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Recovering funds a ‘moral responsibility’

Even with the regulator announcing multiple proceedings against players involved, investors have remained concerned they will be left short.

Melinda Kee, a First Guardian investor who lost $360,000 in retirement savings, founded advocacy group SOS SaveOurSuper.

She said it is the federal government’s moral responsibility to recover funds for investors.

“We are assisting members of SOS SaveOurSuper to understand how to file an AFCA complaint and who to complain about,” she told ABC News.

“There seem to be so many bureaucratic setbacks that are causing delays.

Ms Kee said reforms to protect consumers were not optional.

“They are essential if we want a fair, fast, and humane outcome for the thousands of Australians who have already lost everything once,” she said.

Ms Kee believed one of the biggest problems is that the financial complaints body consumers can go to, AFCA, is under-resourced.

She also noted that AFCA’s jurisdiction does not allow complaints against super trustees, which “causes staggering delays and prevents mass, efficient resolution”.

She has called for the government to amend AFCA’s legislation to allow streamlined, bulk, or representative determinations in mass harm events, and to allow complaints against trustees relating to due diligence failures.

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More firms required to fund compensation scheme

The other way investors may be able to recover funds is through proposed changes to the bailout scheme known as the Compensation Scheme of Last Resort (CSLR).

The scheme, established after the Hayne royal commission, provides up to $150,000 compensation to consumers who faced financial misconduct.

This scheme is available only if the consumer is unsuccessful in getting a determination through AFCA.

While many of those who invested in First Guardian and Shield have lost well over $150,000 (and that’s not even considering the opportunity lost to grow their savings elsewhere), the government is looking at changes to the way the scheme is funded.

In December, the assistant treasurer, Mr Mulino, announced the special levy for the 2026 financial year is $47.3 million.

APRA-regulated super funds, as well as financial advisers and credit providers such as banks and fund managers, will now be required to contribute.

While unions and the super industry have criticised the fact that super funds must contribute, consumer groups have welcomed the change.

Mr Mulino is also considering further changes to fund future shortfalls in the levy, given the scheme is expected to grow in the wake of the First Guardian and Shield collapses. He will be releasing an options paper on that in February.

Mr Mulino is also looking at wider regulator changes to better protect consumers before they decide to switch their retirement savings to funds that are not regulated by APRA.

Managed investment schemes like Shield and First Guardian are not regulated by APRA like the major super funds are.

One of the proposed changes, Mr Mulino said, is a cooling-off for consumers switching super funds.

“The alleged practices employed in the cases of the Shield and First Guardian Master Funds have highlighted the need for reform,” Mr Mulino said.

“Those include high pressure lead generation pushing people to switch their retirement savings into higher risk environments and products such as low quality managed investment schemes.”

Many of the investors who lost their retirement savings were first contacted by a lead generator via a phone call, and sometimes hours or days later, were switched onto a financial planner who then channelled them into the funds.