Exclusive: Marilyn believed she was being financially responsible when she clicked on a Facebook advertisement for a superannuation health check two years ago.
The Victorian woman, 60, was looking to retire soon and pay herself a modest pension after a tough few years, including the death of her husband in 2016.
She had been paid a significant life insurance sum, along with both their superannuation funds, and wanted to protect her assets.
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The financial nightmare that followed left Marilyn feeling "stupid".
"I thought, what a stupid thing I've done. So I felt angry with myself," Marilyn told nine.com.au.
"I felt so terrible that I had possibly wasted my husband's superannuation, my superannuation and the payout for his life insurance."
But how could 12,000 Australians make the very same costly "mistake"?
Marilyn is among thousands who have either lost everything or had their superannuation funds frozen following the collapse of First Guardian Master Fund and Shield Master Fund.
After a lengthy super "health check" with a financial advisor firm, Marilyn decided to transfer her fund from HESTA over to a fund known as AusPrac in November 2023.
She then rolled together all her money under the one account, hoping she could boost returns.
AusPrac, also known as Australian Practical Superannuation, is operated by parent company Sequoia Financial Group.
9news.com.au has previously contacted Sequoia for comment but has not received a reply.
ASIC has commenced civil penalty proceedings in the Federal Court against Diversa Trustees Limited – the trustee for AusPrac – alleging failures relating to the First Guardian Master Fund. Diversa said it would "vigorously defend" the claims.
On December 23, ASIC imposed extra licence conditions on Diversa over what it alleges were a series of governance failures. Diversa acknowledged the new conditions but argued they were not "necessary or warranted in the circumstances".
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