The Australian Financial Complaints Authority has clarified that class actions against Macquarie Investment Management Limited, Netwealth Investments Ltd and Netwealth Superannuation Services Pty Ltd over the collapse of the Shield and First Guardian master funds are separate from its complaints process. Participation in the class actions does not automatically prevent or affect an AFCA complaint, including complaints already lodged. AFCA will assess any interaction case by case, considering the issues, entities and losses involved. Many existing complaints concern financial advice and are progressing under its normal process, but AFCA will consider the implications where the same loss is claimed in both proceedings and will contact affected complainants. AFCA understands that there is currently no opportunity to opt in to or out of the class actions.
Australian Financial Complaints Authority clarifies effect of Shield and First Guardian class actions on complaints
The Australian Financial Complaints Authority clarified that class actions concerning the Shield and First Guardian master funds do not automatically affect or prevent complaints through AFCA. It will assess overlaps case by case, particularly where the same loss is claimed, while continuing to process financial advice complaints normally.