Sally Sitou (Reid, Australian Labor Party) Share this | Hansard source

I recently met with a local constituent, Melinda Kee. She is a victim of the collapse of the superannuation fund First Guardian Master Fund. This collapse and that of the Shield fund have impacted over 12,000 Australians. It has caused devastating financial losses for many of those people just before they hit retirement, a time when they most need their super fund nest egg. These are not just numbers; these are people's futures, their plans and their sense of security that have been shattered.

Ms Kee lost all of her retirement savings, worth hundreds of thousands of dollars. On top of this financial hardship, Ms Kee has faced many other life challenges over the last 12 months. Despite all of this she has bravely stepped forward not only to fight for herself but to advocate for others who have been affected. Ms Kee has chosen to stand up, speak out and support other victims in chasing compensation. She has provided guidance, shared her experience and helped other people navigate the system. Sometimes she's been their only lifeline. I want to commend her sacrifices, her resilience and her commitment to help others, many of whom have faced severe financial distress as a result of these collapses. Her courage represents the very best of our community.

Ms Kee has been working closely with the Australian Financial Complaints Authority, AFCA—a free, independent service which helps consumers and small businesses resolve disputes on financial matters. Thanks to the Albanese government, AFCA has been strengthened and now covers additional financial areas, such as disputes around scams, and from this year it will also cover complaints involving crypto platforms.

One of the most important initiatives by the Albanese government was the introduction of the Compensation Scheme of Last Resort. This helps people recover up to $150,000 in lost funds in cases like the collapse of the First Guardian and Shield funds. While no sum of money can fully erase the stress and uncertainty victims have gone through, it does give victims such as Melinda Kee some peace of mind that they can get back some of their life savings. The government takes the integrity of our financial system very seriously. We are committed to ensuring that the system not only delivers financial security in retirement but does so with fairness. I would encourage anyone impacted by First Guardian or Shield to contact AFCA and ensure your claim is lodged before 31 March.

See this speech in context