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Enforcement/asicCWLTH

ASIC v Netwealth Superannuation Services Pty Ltd and Netwealth Investments Limited (First Guardian declarations)

court order20 Aug 2026

Respondent

Netwealth Superannuation Services Pty Ltd

Facts

Trustee of the Netwealth Superannuation Master Fund. Before offering First Guardian to members, it did not gather and assess enough information or make enough independent enquiries about the fund's risks. It also did not warn members that the fund might be illiquid.

Outcome

The Federal Court made declarations that Netwealth Superannuation Services Pty Ltd and Netwealth Investments Limited contravened the Corporations Act (20 August 2026). ASIC did not seek a pecuniary penalty. Declarations of contravention; under a court enforceable undertaking, more than $100 million was paid to over 1,000 First Guardian investors in January 2026.

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Read the source

https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2026-releases/26-197mr-federal-court-declares-netwealth-contravened-the-corporations-act-in-relation-to-first-guardian

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