By Digifin Pty Ltd · About this coverage
Key Points
- Class action Statement of Claim served on two Netwealth subsidiaries
- Claim covers offering and monitoring of First Guardian options in Master Fund
- Netwealth will defend the Claim
- Prior ASIC undertaking and Jan 2026 compensation program paid ~$101M
About Netwealth (ASX:NWL)
Netwealth Group Limited is an ASX-listed wealth management company headquartered in Melbourne. It runs a technology platform that financial advisers and their clients use to hold, trade and administer superannuation, pension and ordinary investment portfolios. Revenue is earned mainly as fees charged on the assets administered on the platform, and the company competes with bank-owned platforms and other specialist providers.
Netwealth Group Limited (ASX:NWL) advises that subsidiaries Netwealth Investments Limited and Netwealth Superannuation Services Pty Ltd have been served with a Statement of Claim for a class action connected with the offering and monitoring of certain First Guardian investment options available through the Netwealth Superannuation Master Fund. Netwealth will defend the Claim.
The Claim relates to matters previously addressed through Netwealth's court-enforceable undertaking with ASIC and the compensation program completed in January 2026. Netwealth paid compensation of approximately $101M to affected members, reflecting the value of each member's net capital invested in First Guardian.
The release does not state the quantum sought in the Claim or its expected timetable.
Source: Netwealth Group Limited (ASX:NWL), 25 September 2026. Summary content supplied by Digifin Pty Ltd.
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