Collapses expose deep flaws in Australia's $4.3 trillion super system
www.abc.net.au
The failed First Guardian and Shield schemes have cost about 12,000 Australians more than $1 billion in retirement savings and exposed deep flaws in how Australia's $4.3 trillion superannuation sector is regulated.

Almost a billion lost from ppl’s retirement savings. It’s more a scam than anything else though.

  • ThePowerOfGeek@lemmy.worldEnglish
    20·
    9 days ago

    I didn’t know about this before. But sadly I’m not surprised. And I won’t be surprised if it happens in other countries too. Especially the US. The corporate and political climate in most countries is ripe for exploitation by robber barons. Eroded safeguards and unbridled corporate greed are not a good combination for the average blue- or white-collar person trying to save for retirement.