‘I thought my life was over’: Melbourne woman’s $500k retirement fund drained | Financial m…

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‘I thought my life was over’: Melbourne woman’s $500k retirement fund drained

Exclusive: Thousands of Australians are potentially unaware their retirement savings have been wiped out, with victims of the First Guardian and Master Shield twin collapse issuing a warning about postcode hotspots for lost money.

Victoria ranks as one of the three hardest-hit states in the $1.1 billion crisis.

Data released by the Australian Securities and Investments Commission (ASIC) listed four Melbourne postcodes as among the ten most impacted areas.

ASIC found the suburbs of Cranbourne, Cranbourne East, Cranbourne North, Werribee, Hoppers Crossing, Truganina and Craigieburn have the highest concentration of victims.

Fellow investor and advocate Melinda Kee said many investors “still don’t even know they’ve been affected”.

Financial misconduct compensation scheme faces $170m cost blowout

The nest eggs of workers are diminishing because of unpaid super. (Unsplash: Annie Spratt)

The Compensation Scheme of Last Resort (CSLR), which is designed to help victims of financial misconduct get compensated, is short of funds because of recent high-profile superannuation disasters.

The CSLR currently only has about $20 million from levies the industry corporate watchdog ASIC has raised, but needs an additional $170 million to meet the shortfall.

Assistant Treasurer Daniel Mulino is looking to broaden the scope of the levies and who in the industry must pay them.

A government scheme that provides compensation for victims of financial misconduct, including Australians who lost their retirement savings in the First Guardian and Shield super disasters, faces a funding shortfall of $170 million.

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