Australia's corporate watchdog is suing Interprac — the licensee that oversaw financial planners — over alleged failures that led to the collapses of the Shield and First Guardian schemes.

The Australian Securities and Investments Commission (ASIC) is also suing ratings agency SQM Research, saying its "processes fell short of expected standards when it published 'favourable' ratings for the Shield Master Fund".

ASIC is also taking action against MWL Financial Services, former director Nicholas Maikousis, and lead generator Imperial Capital Group Australia over alleged Shield advice failures.

On the day ASIC unveiled its hit list for the year ahead, it said a key focus was prosecuting people involved in the collapses of the First Guardian and Shield schemes , which led to people losing

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