Australia's Netwealth to compensate customers $66.72 million after ASIC agreement

Netwealth

17/12/2025 21:26

Dec 18 (Reuters) - Australia's Netwealth NWL.AX on Thursday agreed to compensate affected customers of its superannuation master fund with an estimated A$101 million ($66.72 million) following an agreement with the country's corporate regulator.

The Australian Securities and Investments Commission took the firm to court over inadequate investment risk assessments in the First Guardian Master Fund, while the Australian Prudential Regulation Authority accepted an enforceable undertaking from Netwealth Superannuation Services to fix weaknesses in its investment governance.

($1 = 1.5138 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)

 ((Sneha.Kumar@thomsonreuters.com))