00:02After responding to an ad on social media, Michael Johnson was contacted by a telemarketer
00:08who connected him and his wife with a financial advisor. The couple were talked into switching
00:14their super into a self-managed fund that was wholly invested in the First Guardian scheme
00:20that's since collapsed.
00:22It was devastating. We're approaching retirement and then suddenly after a combined 70 years
00:29of work, you have nothing.
00:32The Assistant Treasurer wants to prevent this happening to other Australians.
00:37Under new proposals, telemarketers will be required to hold a licence.
00:42Super trustees will have to pay compensation if they fail to vet investments on their platforms
00:49and audit requirements will be strengthened so dodgy schemes don't get signed off on.
00:55These reforms are designed to disrupt some of the most damaging business models operating
01:00in the system today.
01:02The Federal Government's also making changes to the compensation scheme of last resort
01:07which was introduced after the Banking Royal Commission to help compensate victims of financial misconduct.
01:13But with more claims after recent collapses, the scheme's under pressure.
01:19The Government wants to tap super funds and SMSFs to help pay for it.
01:24It is not okay that superannuation funds have been co-opted into paying for a scheme
01:28that the majority of their members cannot claim from.
01:31A view that will be tested as victims wait for compensation.
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