The Seven Network had Tanya Plibersek and Barnaby Joyce on for its weekly ‘debate’ and focused on the collapse of two for-profit superannuation funds, Shield Master Fund and First Guardian, which has cost members billions in retirement savings – which means they may have lost all of their superannuation.

People want the government to cover the losses from the for-profit funds. Plibersek says:

This is a devastating situation for the people who’ve lost their money. And of course ASIC, the Australian Securities and Investment Commission, is looking very closely at the people involved. They’ve had their assets frozen. The people who are thought to be responsible for this had their assets frozen. They’re prohibited from travelling overseas. They’re being investigated very closely by ASIC and the matters are before the Federal Court.

So, we’re a little bit limited in what we can say. What I would say is that the Assistant Treasurer, Daniel Mulino, is guiding this very closely to make sure that it is properly investigated and people are held to account if they’ve done the wrong thing.

And can I advise that ASIC has a Moneysmart website. It is a great idea now for people to have a look at that Moneysmart website if they’re thinking about changing where their superannuation is, please check before you do, rather than go into to these higher risk, higher return areas, it is really important to get good, unbiased, unbiased financial advice.