Product care: Why platforms are responsible in Australia (but not NZ)

Platform operators in NZ are not subject to any licensed duty to take care of their investment products. (Image: Getty)

Tue, 30 Sep 2025

Macquarie took its medicine in one swallow.Glugging back a A$321 million (NZ$364.2m) compensation agreement last week, the so-called “millionaires factory” admitted to, cough, “a contravention of its obligation to provide financial services efficiently, honestly and fairly” in regards to the collapsed Shield Master Fund.Shield blew up about A$480m invested by circa 5,800 Australians (mostly via superannuation accounts) in what turned out to be dodgy, possibly fraudulent, real estate and property development projects.The...

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