Andrew Hobbs and Tony Boyd on how investors lost $1.2 billion in Shield, First Guardian and Australian Fiduciaries, and how the gatekeepers let it happen.

This podcast is sponsored by Acenda

Further reading:
The ‘easy peasy’ approval: Shield exposes $850b super wrap industry
These funds told us they were toxic: how did Macquarie miss it?
How Macquarie ignored its own advice on Shield (and lost $100m)

Andrew Hobbs and Tony Boyd on how investors lost $1.2 billion in Shield, First Guardian and Australian Fiduciaries, and how the gatekeepers let it happen. This podcast is sponsored by <a href="https://www.acenda.com.au/take-life-on?utm_source=search&amp;utm_medium=search&amp;utm_id=takelifeonbrandcampaign&amp;utm_medium=search&amp;utm_id=takelifeonbrandcampaign&amp;gad_source=1&amp;gad_campaignid=22856140216&amp;gbraid=0AAAAA_s8tYwOt-MVZ3mr4v25QLXCB-OaT&amp;gclid=CjwKCAjwlaTGBhANEiwAoRgXBWy8XDGoncSapNsu1-93tcs26i9Z053RgizN6FBWg8CJuSmECA6yARoCCzYQAvD_BwE">Acenda</a> Further reading: <a href="https://www.afr.com/companies/financial-services/asic-s-test-case-for-850b-super-platform-industry-20250828-p5mqn0" data-stringify-link="https://www.afr.com/companies/financial-services/asic-s-test-case-for-850b-super-platform-industry-20250828-p5mqn0" data-sk="tooltip_parent">The &lsquo;easy peasy&rsquo; approval: Shield exposes $850b super wrap industry</a> <a href="https://www.afr.com/companies/financial-services/shield-first-guardian-disclosed-red-flags-macquarie-equity-trustees-missed-them-20250903-p5ms04" data-stringify-link="https://www.afr.com/companies/financial-services/shield-first-guardian-disclosed-red-flags-macquarie-equity-trustees-missed-them-20250903-p5ms04" data-sk="tooltip_parent">These funds told us they were toxic: how did Macquarie miss it?</a> <a href="https://www.afr.com/companies/financial-services/how-macquarie-ignored-its-own-advice-on-shield-and-lost-100m-20250925-p5mxsb" data-stringify-link="https://www.afr.com/companies/financial-services/how-macquarie-ignored-its-own-advice-on-shield-and-lost-100m-20250925-p5mxsb" data-sk="tooltip_parent">How Macquarie ignored its own advice on Shield (and lost $100m)</a>

A weekly podcast from The Australian Financial Review that examines the biggest stories in business, markets and politics, and why they matter, explained by the best financial journalists in the country.

Search The Fin and follow us wherever you get your podcasts.

A weekly podcast from The Australian Financial Review that examines the biggest stories in business, markets and politics, and why they matter, explained by the best financial journalists in the country.
Search The Fin and follow us wherever you get your podcasts.

A weekly podcast that examines the biggest stories in business, markets and politics, and why they matter.

The Fin

All the latest episodes from all of the AFR's podcasts. 

All the latest episodes from all of the AFR's podcasts.&nbsp;

Latest episodes 

Inside the biggest investment scandal in 15 years

This week, editor-in-chief James Chessell and media reporter Sam Buckingham-Jones on the rise and spectacular fall of Antony Catalano.

This podcast is sponsored by Woodside Energy

Catalano’s big play to take on REA and Domain to be mothballed
Staff at the businessman’s regional media empire were told on Friday that the View.com.au platform, only recently bound for the ASX, would instead close down.
The cult of Antony Catalano is coming crashing down
Accused of assaulting his wife Stefanie, the businessman – once dubbed Mr Property – has gone into rehab. The survival of his empire hangs in the balance.
Antony Catalano is losing even more money
The bottom line at Australian Community Media, which Catalano co-owns with Alex Waislitz, has gone from bad to worse.

This week, editor-in-chief James Chessell and media reporter Sam Buckingham-Jones on the rise and spectacular fall of Antony Catalano.
This podcast is sponsored by <a href="https://www.woodside.com/who-we-are?gad_source=1&amp;gad_campaignid=19236083177&amp;gbraid=0AAAAApAgpoUY9mniozX45G51epawaefJ8&amp;gclid=CjwKCAjwhLPOBhBiEiwA8_wJHCD566vlhh39EEhLaTlb_6HwlTO3T1F04JXFnSdVzfurNzX3B4s9uBoCiMIQAvD_BwE">Woodside Energy</a>
<a href="https://www.afr.com/companies/media-and-marketing/catalano-s-big-play-to-take-on-rea-domain-to-be-mothballed-20260410-p5zmx0?utm_source=omny&amp;utm_medium=podcast_notes&amp;utm_campaign=the_fin&amp;utm_content=&amp;utm_term=newsroom">Catalano&rsquo;s big play to take on REA and Domain to be mothballed</a> Staff at the businessman&rsquo;s regional media empire were told on Friday that the <a href="http://View.com.au">View.com.au</a> platform, only recently bound for the ASX, would instead close down. <a href="https://www.afr.com/companies/media-and-marketing/the-cult-of-antony-catalano-is-coming-crashing-down-20260318-p5ouad?utm_source=omny&amp;utm_medium=podcast_notes&amp;utm_campaign=the_fin&amp;utm_content=&amp;utm_term=newsroom">The cult of Antony Catalano is coming crashing down</a> Accused of assaulting his wife Stefanie, the businessman &ndash; once dubbed Mr Property &ndash; has gone into rehab. The survival of his empire hangs in the balance. <a href="https://www.afr.com/rear-window/antony-catalano-is-losing-even-more-money-20260409-p5zmmp?utm_source=omny&amp;utm_medium=podcast_notes&amp;utm_campaign=the_fin&amp;utm_content=&amp;utm_term=newsroom">Antony Catalano is losing even more money</a> The bottom line at Australian Community Media, which Catalano co-owns with Alex Waislitz, has gone from bad to worse.

The unravelling of a media empire: Antony Catalano’s darkest chapter

This week, political editor Phil Coorey and Redbridge pollster Kos Samaras on the sudden rise of One Nation. What's driving it? How far it could go, and what it says about how Australia is changing.

This podcast is sponsored by Woodside Energy

Further reading:
‘For too long, we’ve turned a blind eye’: Liberals vow hardline immigration approach
Liberal leader Angus Taylor has flagged an end to a non-discriminatory Australian migration policy, promising to use social media to weed out undesirables and to “boot out” visa holders who fail to adhere to a legally binding and enforceable set of national values.
One Nation nears Labor as Coalition vote hits record low
Support for the federal Coalition has hit a new low of 17 per cent, but Labor’s vote is holding steady as Australians overwhelmingly blame Donald Trump for spiralling petrol prices triggered by the war in the Middle East.
One Nation now speaks for a generation politics ignored
The rise of One Nation among Australia’s working- and middle-class battlers is a story of economic decline and political abandonment by Labor and the Coalition. 

This week, political editor Phil Coorey and Redbridge pollster Kos Samaras on the sudden rise of One Nation. What's driving it? How far it could go, and what it says about how Australia is changing.
This podcast is sponsored by <a href="https://www.woodside.com/who-we-are?gad_source=1&amp;gad_campaignid=19236083177&amp;gbraid=0AAAAApAgpoUY9mniozX45G51epawaefJ8&amp;gclid=CjwKCAjwhLPOBhBiEiwA8_wJHCD566vlhh39EEhLaTlb_6HwlTO3T1F04JXFnSdVzfurNzX3B4s9uBoCiMIQAvD_BwE">Woodside Energy</a>
Further reading: <a href="https://www.afr.com/politics/federal/not-all-migrants-are-equal-liberals-vow-hardline-approach-20260413-p5zng8?utm_source=omny&amp;utm_medium=podcast_notes&amp;utm_campaign=the_fin&amp;utm_content=&amp;utm_term=newsroom">&lsquo;For too long, we&rsquo;ve turned a blind eye&rsquo;: Liberals vow hardline immigration approach</a> Liberal leader Angus Taylor has flagged an end to a non-discriminatory Australian migration policy, promising to use social media to weed out undesirables and to &ldquo;boot out&rdquo; visa holders who fail to adhere to a legally binding and enforceable set of national values. <a href="https://www.afr.com/politics/federal/one-nation-nears-labor-as-coalition-vote-hits-record-low-20260329-p5zjmk?utm_source=omny&amp;utm_medium=podcast_notes&amp;utm_campaign=the_fin&amp;utm_content=&amp;utm_term=newsroom">One Nation nears Labor as Coalition vote hits record low</a> Support for the federal Coalition has hit a new low of 17 per cent, but Labor&rsquo;s vote is holding steady as Australians overwhelmingly blame Donald Trump for spiralling petrol prices triggered by the war in the Middle East. <a href="https://www.afr.com/politics/one-nation-now-speaks-for-a-generation-politics-ignored-20260329-p5zjnb?utm_source=omny&amp;utm_medium=podcast_notes&amp;utm_campaign=the_fin&amp;utm_content=&amp;utm_term=newsroom">One Nation now speaks for a generation politics ignored</a> The rise of One Nation among Australia&rsquo;s working- and middle-class battlers is a story of economic decline and political abandonment by Labor and the Coalition.&nbsp;

How One Nation went from fringe to mainstream in six months

This week, motoring writer Tony Davis and reporter Sam Irvine on why Australia is closer than ever to the EV tipping point and whether charging infrastructure and policy settings are keeping pace.

This podcast is sponsored by Woodside Energy

Further reading:
Now’s the time to buy a used EV: What you need to know
Electric cars are smoother, quieter, cleaner, cheaper to run and cheaper to service. And the data shows people are rushing to make the switch.
Australians can’t get enough of this Chinese EV as fuel prices soar
The sales spike came as the Middle East conflict sent fuel prices soaring and despite a decline in overall new vehicle sales.
How the fuel crisis could fix a hole in the EV market
Stephen Yiu lives near a petrol station, and is constantly reminded of his escape from soaring prices as new and used EV sales jump.

This week, motoring writer Tony Davis and reporter Sam Irvine on why Australia is closer than ever to the EV tipping point and whether charging infrastructure and policy settings are keeping pace.
This podcast is sponsored by <a href="https://www.woodside.com/who-we-are?gad_source=1&amp;gad_campaignid=19236083177&amp;gbraid=0AAAAApAgpoUY9mniozX45G51epawaefJ8&amp;gclid=CjwKCAjwhLPOBhBiEiwA8_wJHCD566vlhh39EEhLaTlb_6HwlTO3T1F04JXFnSdVzfurNzX3B4s9uBoCiMIQAvD_BwE">Woodside Energy</a>
Further reading: <a href="https://www.afr.com/companies/transport/now-s-the-time-to-buy-a-used-ev-what-you-need-to-know-20260401-p5zkjo">Now&rsquo;s the time to buy a used EV: What you need to know</a> Electric cars are smoother, quieter, cleaner, cheaper to run and cheaper to service. And the data shows people are rushing to make the switch. <a href="https://www.afr.com/companies/transport/byd-the-winner-as-ev-sales-hit-new-monthly-record-20260407-p5zlre">Australians can&rsquo;t get enough of this Chinese EV as fuel prices soar</a> The sales spike came as the Middle East conflict sent fuel prices soaring and despite a decline in overall new vehicle sales. <a href="https://www.afr.com/companies/transport/how-the-fuel-crisis-could-fix-a-hole-in-the-ev-market-20260324-p5uk3v">How the fuel crisis could fix a hole in the EV market</a> Stephen Yiu lives near a petrol station, and is constantly reminded of his escape from soaring prices as new and used EV sales jump.

Inside the biggest investment scandal in 15 years

In 2 playlist(s)

The Fin

Social links

Follow podcast

Recent clips