Aug 23, 2026 – 4.00pmTroubled superannuation trustee Diversa argues that the events behind the high-profile failure of the First Guardian investment scheme were outside its control, shifting responsibility for policing investment products on its platform to others in defending claims that its own protections had failed.Its response comes months after the Australian Securities and Investments Commission filed 60 pages of allegations against the company. The regulator claims Diversa did not act in the best interests of members by allowing $300 million in investment into First Guardian before its demise, and wants the court to force Diversa to refund out-of-pocket losses to victims.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Diversa blames poor policing, not itself, for First Guardian scandal
The troubled superannuation trustee is being sued by the corporate regulator for allowing $300 million to be invested in the scheme, which ultimately failed.
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