<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>ASX-listed financial firm Netwealth has agreed to repay a total of $100 million to some victims of the First Guardian collapse </span><a href="https://www.9news.com.au/national/first-guardian-master-trust-superannuation-lost-asic-investigation-exclusive/7a944ee1-faa0-40c0-8972-011f056c9fee" rel="" target="_blank" title="after thousands of Australians lost their retirement funds."><span>after thousands of Australians lost their retirement funds.</span></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Netwealth struck a deal with the Australian Securities and Investments Commission (ASIC) to refund 100 per cent of the amount, less any money withdrawn, that was invested in First Guardian to 1000 of its members.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The company admitted to ASIC it failed to understand or evaluate the financial risk before pitching First Guardian an investment option to clients.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>LIVE UPDATES:</span></strong><span> </span><a href="https://www.9news.com.au/national/bondi-beach-shooting-live-updates-accused-gunman-charged-victims-laid-to-rest-political-anger-growing/53d96844-9a46-44e9-84f7-06d91c5911a2" target="_blank"><strong><span>Trolls swamp popular Sydney Jewish business with one-star reviews</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/first-guardian-superannuation-collapse-sammi-boyd-missing-retirement-fund-cant-pay-for-surgery/a348ee8b-4087-4bb8-9c18-98fb4e5226ec" rel="" target="_blank" title="Impacted Australians"><span>Impacted Australians</span></a><span> are expected to be reimbursed by Netwealth by January 30.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Australian Prudential Regulation Authority (APRA) has also imposed several license conditions on Netwealth, including engaging an independent expert to review high-risk investment options.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Robust investment governance, including in relation to onboarding and monitoring of platform investment options, is critical to safeguard the interests of members," APRA Deputy Chair Margaret Cole said.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/investment-firm-netwealth-strikes-deal-with-asic-to-repay-first-guardian-superannuation-collapse-victims-100-million/bebd2f04-f743-4eaf-aef9-996ad15effb9" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"APRA will maintain a strong focus on investment governance, particularly in the platform segment, throughout 2026."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>ASIC said it would not seek a pecuniary penalty due to the exceptional circumstances.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The watchdog said this is due to the level of cooperation displayed by Netwealth "without waiting for an outcome of the First Guardian liquidation or proceedings against other parties involved".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/bondi-shooting-accused-gunman-naveed-akram-charged/a896ad6f-518f-4c51-9fd9-d22d6f3b598e" target="_blank"><strong><span>Alleged Bondi gunman charged with 59 offences including 15 counts of murder</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>ASIC previously began Federal Court proceedings against Netwealth Superannuation Services Pty Ltd (NSS) and Netwealth Investments Limited (NIL), which are the trustees of the Netwealth Superannuation Master Fund (NSMF).</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The regulator is also investigating First Guardian and Shield Master Fund.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Keystone Asset Management Ltd is the responsible entity of Shield Master Fund and is now also in liquidation.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>ASIC also began investigating First Guardian's responsible entity Falcon Capital, First Guardian and director David Anderson in late 2024.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Around 12,000 Australians lost an estimated $1.1 billion in the twin superannuation collapse.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Nine.com.au has reported on multiple Australians who have their superannuation funds frozen or drained, </span><a href="https://www.9news.com.au/national/first-guardian-master-trust-superannuation-lost-asic-investigation-exclusive/7a944ee1-faa0-40c0-8972-011f056c9fee" rel="" target="_blank" title="losing hundreds of thousands of dollars in the liquidation."><span>losing hundreds of thousands of dollars in the liquidation.</span></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Macquarie Investment Management Ltd (MIML), a subsidiary of the Macquarie investment bank, </span><a href="https://www.9news.com.au/national/macquarie-repay-shield-investors-michael-donovan-relieved-to-be-refunded-after-collapse-exclusive/c2381615-6ff9-41fc-a773-322d9a1fdb25" rel="" target="_blank" title="confirmed earlier this year that its investors would have 100 per cent of their money reimbursed by September 30."><span>confirmed earlier this year that its investors would have 100 per cent of their money reimbursed by September 30.</span></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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