Jun 29, 2026 – 12.01amThe corporate regulator says major wealth management platforms have overly permissive compliance regimes, leaving customers exposed to the same dodgy schemes and shonky practices that led to thousands losing their savings when the $1 billion Shield and First Guardian schemes failed.The Australian Securities and Investments Commission analysis – its first of the fast-growing sector since 2024 – bluntly concluded platform operators were “not doing enough to protect members” and, in some cases, found they had even regressed on crucial consumer safeguards over the past two years.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles