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Netwealth pays $101m to First Guardian victims
Financial Standard
|January 27, 2026
After admitting it didn’t sufficiently assess the First Guardian Master Fund before making it available to super members, Netwealth is being sued by ASIC and will repay $101 million to victims.
More than 1000 investors had their money in the First Guardian Master Fund via the Netwealth Superannuation Master Fund.
The trustees of the fund, Netwealth Superannuation Services (NSS) and Netwealth Investments Limited (NIL), will now face ASIC in court after admitting it “did not assess sufficient information about the First Guardian Master Fund, or make sufficient independent enquiries to understand or evaluate the investment risk” in either class of the product before adding them as investment options.
The platform provider has entered a court enforceable undertaking with ASIC to ensure all impacted members see their capital, less withdrawals, reimbursed by 30 January 2026.
This story is from the January 27, 2026 edition of Financial Standard.
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