Honestly between the below and the proposal for SMSFs to fund Shield Masterfund like failures despite not being entitled to compensation is galling. Someone in the current government really hates SMSFs.

Treasury officials have warned the government it is too easy for criminals to exploit more than a million people who direct their own retirement savings, suggesting the barriers to setting up a self-managed super fund are too low.

While there is some limited SMSF exposure to Shield and First Guardian, most of the money lost to these products was invested via super platforms administered by Macquarie, Equity Trustees, Netwealth and Diversa.