Australia's corporate regulator is accusing a financial planning company of engaging in "industrial-scale misconduct" for exposing nearly 7000 investors to dodgy super funds.

InterPrac is accused of failing to ensure representatives they authorised were complying with the law when they recommended 6843 clients invest around $677 million in two now-collapsed funds.

"No competent financial adviser could have recommended investment in Shield or First Guardian (Master Funds)," the Australian Securities and Investments Commission (ASIC) said in Federal Court documents lodged on Wednesday.

Both funds allegedly had exorbitant fees, opaque investments and delivered millions of dollars in payments to Venture Egg and its boss Ferras Merhi, one of InterPrac's former authorised representatives.

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