The Australian Financial Complaints Authority (AFCA) published a short video and case summary explaining its lead determination involving Interprac Financial Planning, intended to support consistent handling of complaints linked to the Shield and First Guardian collapses. AFCA found the adviser’s personal financial advice was inappropriate and that the firm’s conduct caused the complainant to incur loss, leading the panel to require Interprac to pay approximately AUD 120,000 in compensation plus interest. The complaint related to advice given in June 2022 to establish a Macquarie Super Fund account, roll over an existing APRA-regulated superannuation fund, and invest most of the superannuation into the Shield Master Fund, which is now in liquidation. While the Macquarie Super Fund trustee had already made a remediation payment covering the complainant’s net capital investment into Shield, the panel concluded the trustee was not solely responsible because the investment resulted directly from the firm’s inappropriate advice, including a failure to make reasonable inquiries and to consider lower-risk, lower-cost alternative superannuation options. Interest applies from September 2025 to the date of payment, and if the complainant accepts the determination, Interprac must pay within 28 days of being notified of that acceptance. AFCA indicated that, with this lead decision (alongside other Shield and First Guardian lead decisions), dedicated teams can progress similar complaints more quickly and consistently, and it will continue to publish explanatory videos and updates.

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