Published: 01:18 BST, 24 August 2026 | Updated: 01:31 BST, 24 August 2026
A Perth nurse who lost more than $130,000 in the First Guardian collapse says she remains 'fuming' despite the Albanese government's latest push to strengthen protections for retirement savings.
Deborah Heron, 61, said she considers herself one of the 'lucky ones' after recovering some of her money but is still owed more than $130,000.
Ms Heron said thousands of investors caught up in the First Guardian and Shield collapses in 2025 have not received a cent and were still waiting for compensation.
The collapses have been linked to more than $1.1 billion in investor losses. The First Guardian Master Fund alone wiped out roughly $46 million invested by about 6,000 Australians.
While Ms Heron welcomed the government's response, she described Financial Services Minister Daniel Mulino's package of reforms as 'piecemeal' and said many victims had been left behind.
'Some people have got nothing back. They've got absolutely nothing.
Nurse Deborah Heron (pictured) considers herself one of the 'lucky ones' after recovering some of her money, but remains owed more than $130,000
Financial Services Minister Daniel Mulino (pictured) unveiled a series of reforms to superannuation products including a ban on unsolicited cold calling
Mulino unveiled the reforms last Wednesday, including a ban on cold-calling about superannuation products.
The package will give super funds greater scope to provide advice and contact members directly, while also creating a new class of adviser within super funds and strengthening oversight of managed investment schemes.
'These reforms are designed to disrupt some of the most damaging business models operating in the system today,' Mulino said.
A key part of the package would give ASIC stronger powers to intervene when trustees breach their obligations and to require compensation for members' capital losses.
However, the reforms would also limit compensation claims to actual investment losses, excluding future earnings that victims may have received had their money remained invested.
Victim Melinda Kee, who met with Mulino before the announcement, welcomed the reforms but said investors should still be able to claim lost earnings.
