00:00Macquarie is a big bank.
00:03Sahar Ghali was convinced by a financial planner to move about $100,000 of her super
00:09into an investment fund on the Macquarie platform.
00:12But just the pressure to sign, quick, quick, quick, quick.
00:14When I logged in I saw that it was in Shield and I thought, oh my goodness, now there's
00:18trouble.
00:19The Shield Master Fund collapsed and Macquarie has now agreed to repay 3,000 investors that
00:24used its platform.
00:26They'll receive $321 million after the banking giant failed to place Shield on a watch list
00:33for hide and monitoring.
00:35Macquarie won't face a civil penalty.
00:37We took the view that the public interest here warranted getting that money back now.
00:42Macquarie Group said payments to investors will be made in full by the 30th of September and
00:48its decision recognises the scale of the issue, its material impact on many investors and their
00:54limited access to recourse.
00:56The corporate watchdogs put other superannuation funds on notice, taking action against equity
01:02trustees for its role in the Shield case.
01:05NetWealth and Diversa are also in its sights after the collapse of another fund, First Guardian.
01:10Superannuation funds have to be applying far more scrutiny to the products that they put
01:16on their shelves.
01:17The collapses of the Shield and First Guardian schemes have exposed deep holes in Australia's
01:23$4.3 trillion superannuation system.
01:26The federal government is now considering policy changes to ensure the same thing doesn't
01:31happen again.
01:32I think we need to look at ways in which we might strengthen regulatory arrangements in
01:37particular areas.
01:39Which comes a little too late for investors like Sahar who have endured a stressful ordeal.
01:46in the world of giants.
01:48But if you can see the next thing, there is a fall upon the top of investors.
01:53If you can see the numbers, you'll notice that you can see.
01:55How are you entering the decision?
01:58Have you entered theGG?
01:59What will we think of?
01:59You can see the numbers, then you can see it or what you can see in the next generation.
02:02Is there something that you can see in the future?
02:03The point is there.
02:04You have a lot of people who have taken 2 years from today.
02:07You can see that they'll not be taken care of or not.
02:09You can see anything.
02:10And then you can see the numbers.
02:11You can see whether you are not feeling that you can see any better about them.
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