About this consultation
We are seeking feedback on policy options to better protect people in the superannuation system.
Why this issue matters
The collapse of the Shield and First Guardian Master Funds caused major losses for members. It is important that members maintain trust that their retirement savings are well protected.
What we are considering
We are consulting on changes that:
strengthen trustee governance
make switching superannuation safer
limit or better protect advice‑fee deductions from superannuation
require platform trustees to compensate members for some investment failures on their platforms.
These changes focus on protecting members across the superannuation system.
Background
This consultation is part of the government’s wider response to the collapse of Shield and First Guardian. It aims to improve safety and consumer protections in superannuation and financial services.
Have your say
You can answer some or all questions in the consultation paper. You can also provide general feedback.
You may make your submission public, confidential or anonymous, in line with Treasury privacy rules.
Related content
Strengthening consumer protection in the superannuation system and ensuring sustainability of the CSLR – Media release
Curbing lead generation activity – Consultation
Compensation Scheme of Last Resort – reform options to support ongoing sustainability – Consultation
