Macquarie has agreed to compensate the victims of the Shield Master Fund collapse after financial planners using its platform pumped $321 million of people’s life savings into the allegedly rogue investment scheme.

The compensation scheme will cover about 3000 of the nearly 6000 people who invested in the $500 million fund between 2022 and 2023.

Macquarie has also admitted to breaching its obligation to act honestly, efficiently and fairly when it did not put Shield on a warning list after it had concerns about the fund.

ASIC deputy chair Sarah Court said: “This is an important outcome that stems the significant losses that threatened thousands of members’ retirement savings after they used Macquarie’s platform to invest their super in Shield.”

Shield collapsed last year during an inve

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