Dying Australians try to recover superannuation savings after First Guardian, Shield collapses

Summary

A warning, some viewers may find pictures in this report distressing. Of almost 12,000 investors, who pumped more than $1 billion of their retirement savings into the First Guardian and Shield schemes, more than 6,000 were clients of advisers under InterPrac. These 6,000 clients put about $680 million into the two funds on the advice of financial planners licensed under InterPrac. They are now worried that the sale of InterPrac to Bellbird Australia could shrink the pool of money available to compensate them. The corporate regulator is considering whether there are grounds to stop the sale…

Description from ABC News (Australia).