The government is cracking down on shady investment pushers who target retirees through social media, ads, and cold calls — especially after major fund collapses like First Guardian and Shield Master left thousands of Aussies out of pocket. New rules aim to shut down “lead generators” by tightening consent, limiting exemptions to existing clients, and ramping up penalties. With the financial advice industry demanding change, this move seeks to protect retirement savings from high-pressure scams — while also pushing for a system that’s trustworthy, accessible, and affordable for everyday Australians.
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