Daniel Mulino (Fraser, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

I thank the honourable member for the question. I acknowledge his interest in this area and I look forward to constructively engaging with him and members across this chamber on this issue. I know that this affects members across this chamber in terms of how it's affected their constituents. I want to acknowledge from the outset how distressing this has been for many people who have lost considerable amounts of funds. There are many individuals and families who have lost a significant proportion of their life savings. I've met with victims of these collapses. I have heard firsthand harrowing stories, and I understand how difficult this has been.

Can I stress that the focus of ASIC, the independent regulator, over recent months has been to protect investor funds, and it has undertaken a range of actions to do so. It has a range of actions already underway in court. This includes actions in relation to financial advisers involved in these collapses. It also involves actions against individuals involved in the managed investment schemes. Importantly, there were also significant actions in relation to the platforms. I welcome the fact that recently there was an agreement reached between Macquarie and ASIC which saw over $300 million returned to investors. So a significant proportion of the investors in the Shield MIS will see a full return of their capital. But I do acknowledge that there is more work to be done, and I continue to work with ASIC and with other regulators in relation to the immediate priority of protecting investor interests.

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