Thousands Of Australians Devastated As First Guardian And Shield Collapse

"Government Silence Is Deafening"

Thousands of Australians including Dawson locals, many older or approaching retirement, are reeling in the wake of the collapse of First Guardian and Shield managed investment schemes, leaving them with little to no retirement savings after losing millions of dollars in managed funds.

For many, years—even decades—of compulsory superannuation contributions have vanished overnight, leaving them with no choice but to continue working well beyond retirement age.

Despite the enormity of the financial and emotional toll, there has been no meaningful response from the Australian Government nor ASIC (Australian Securities and Investments Commission), and Federal Member for Dawson Andrew Willcox said this is unacceptable.

“When the very regulators responsible with safeguarding these situations fail to act, ordinary Australians, Mr and Mrs Jo Average are left to bear the burden," said Mr Willcox.

“I have several constituents who have contacted myself and my office, who are devastated by what has happen.  One gentleman, who has worked hard his entire adult life, and has now lost everything, will have to work way past retirement age, possibly until he passes on.

“I cannot imagine how these people must be feeling.

"But what’s worse, is the Albanese Labor government hasn’t even acknowledged these people, let alone offer a pathway forward," Mr Willcox said.

“The Australian people deserve better. At the very least, they deserve answers and action.”

Andrew Willcox

Shadow Assistant Minister for Manufacturing and Sovereign Capability

Federal Member for Dawson

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