Regulatory Alerts2025-11-13
ASIC sues Interprac over alleged Shield and First Guardian licensee failures
ASIC has commenced civil penalty proceedings in the Federal Court against Interprac Financial Planning for alleged failures to ensure its authorized representatives complied with best interests obligations and maintained adequate risk management systems. The regulator alleges that these compliance failures exposed thousands of clients to significant financial risk by allowing approximately $677 million of superannuation to be invested in the now-collapsed Shield and First Guardian master funds. ASIC is seeking declarations, civil penalties, and orders to restrain Interprac from carrying on a financial services business due to its inadequate oversight of product approvals and client advice.
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