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.