Netwealth acknowledges potential class action

Key points

• Netwealth subsidiaries received a letter alleging breaches of duties
• Claims relate to previously addressed matters with ASIC
• No proceeding has been filed yet
• Netwealth is reviewing the claim and will update the market
• The company is a financial services provider with a strong digital platform

Full summary

Netwealth Group Limited (Netwealth) has been notified by solicitors of a proposed class action against its subsidiaries, Netwealth Investments Limited and Netwealth Superannuation Services Pty Ltd. The claims allege breaches of duties in connection with the offering and monitoring of certain First Guardian investment options within the Netwealth Superannuation Master Fund. These matters have already been addressed through a court-enforceable undertaking with ASIC and a compensation program completed in January 2026. No legal proceedings have been filed as of yet. Netwealth is currently reviewing the proposed claim and will provide updates to the market as appropriate.