Tag: fund collapse insurance
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Government Considers Tighter Regulations After Shield Master Fund Collapse
The federal government is considering tighter regulations on superannuation investment funds following the collapse of the Shield Master Fund. Macquarie Group has agreed to reimburse $321 million to 3000 members of Shield after being sued by the Australian Securities and Investments Commission for not acting fairly. A PRACTICAL GUIDE TO AUSTRALIAN SUPERANNUATION: A Plain-English Guide…
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Macquarie to Repay $321 Million to Shield Master Fund Investors
Macquarie has agreed to repay $321 million to thousands of Australians affected by the collapse of the Shield Master Fund. The Australian Securities and Investments Commission (ASIC) revealed that Macquarie breached the Corporations Act by failing to ensure the fund was monitored effectively. This led to 3000 investors losing their money. The Investor’s Blueprint: Asset…