The corporate regulator has widened its legal assault against companies involved in the collapse of the Shield and First Guardian investment funds, launching new lawsuits targeting advice firms and a research house.

The Australian Securities and Investments Commission on Thursday revealed it was suing advice licensee InterPrac Financial Planning and research house SQM Research, and seeking leave to launch proceedings against another advice firm, MWL Financial Services.

ASIC alleges all three firms failed their obligations to investors when recommending they invest hundreds of millions of mainly superannuation savings in Shield and First Guardian, which collapsed last year.

It claims InterPrac failed to ensure its former authorised representatives Venture Egg and Rhys Reilly, who advised

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