ASIC is taking further steps to support thousands of Australians who invested in the Shield Master Fund (Shield) and First Guardian Master Fund (First Guardian), which have collapsed.
So far, less than 2,000 of around 11,000 Australians who invested approximately $1.1 billion in Shield and First Guardian have lodged complaints with the Australian Financial Complaints Authority (AFCA), prompting ASIC to take further action to ensure investors understand the impact.
From tomorrow (Friday 6 February 2026), ASIC will begin sending further information to investors, including a link to a dedicated consumer website that contains trusted and independent support, and options to make a complaint: takeyoursuperback.com.
The new consumer website has been independently developed by Super Consumers Australia with funding from ASIC. Super Consumers Australia is an independent consumer advocacy organisation that is helping consumers impacted by the collapse of First Guardian and Shield understand what they can do.
The website provides First Guardian and Shield investors with guidance and resources to help navigate next steps including:
- how to lodge a complaint with AFCA to seek compensation, including deadlines for submitting complaints
- how to access support services if they are experiencing financial hardship or need someone to talk to
Consumers should visit takeyoursuperback.com for further information and details on how they can make a complaint to AFCA.
To date, around 4,000 consumers have benefited from approximately $421 million in payments from Macquarie and compensation from Netwealth as part of court enforceable undertakings agreed to by ASIC as part of its investigations into Shield and First Guardian.
ASIC's investigations into Shield and First Guardian continue. Nearly 50 people across ASIC are working across 26 investigations, which are among the largest and most complex cases in ASIC's history.
Next steps
Consumers impacted by the collapse of First Guardian and Shield can expect to receive correspondence from ASIC in the coming weeks.
If you have lost money due to the collapse of Shield and First Guardian, you should consider lodging a complaint with the Australian Financial Complaints Authority.
AFCA is the external dispute resolution scheme for financial complaints in Australia and must deal with complaints independently and fairly. AFCA's service is free for consumers. You do not need to pay someone to help you lodge a complaint with AFCA.
Consumers can lodge a complaint with AFCA by:
- calling 1800 931 678 for free (9am - 5pm Melbourne time), or
- lodging a complaint online on AFCA's website.
Consumers can also find tips and guidance about how to lodge a complaint with AFCA by visiting takeyoursuperback.com.
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Background
ASIC's action
ASIC is investigating numerous individuals and entities connected to Shield and First Guardian including:
- the marketing lead generators
- the financial advisers and the financial firms that authorised them
- the superannuation trustees that made First Guardian available via platforms
- the auditors, and
- the operators of the managed investment scheme.
Around 11,000 people invested their money, including their superannuation retirement savings, into First Guardian and/or Shield.
In many cases, this happened after people were contacted by lead generators and referred to financial advisers. These advisers often told investors to roll over their existing superannuation balances into a choice superannuation fund available on a platform or to set up a self-managed super fund (SMSF) to facilitate investment into First Guardian or Shield.
For more information about the status of ASIC's enforcement action and investigations refer to:
Since ASIC's investigations into the Shield Master Fund and First Guardian Master Fund commenced, ASIC has communicated with investors through a number of channels.
ASIC has established dedicated investor webpages for both Shield and First Guardian which provide information to investors about how they could make a complaint (including making complaints to AFCA), other support that is available, responses to frequently asked questions and information about ASIC's actions (including links to ASIC's media releases).
ASIC also sent 10 rounds of direct mail letters and emails to certain categories of investors and communicated with hundreds of investors who have emailed ASIC directly.
Complaints to AFCA and seeking compensation
AFCA is a free, fair and independent dispute resolution scheme. AFCA considers complaints about financial products and services. AFCA's service is offered as an alternative to tribunals and courts to resolve complaints consumers and small businesses have with their financial firms.
Impacted consumers may be eligible to receive compensation, but they need to take action and lodge a complaint with AFCA.
AFCA has made recent lead decisions that have awarded consumers compensation for losses stemming from the collapse of First Guardian and Shield. In these cases, AFCA found, amongst other things, these consumers received financial advice that was inappropriate for their circumstances and not in their best interests.
Even if a complaint is lodged with AFCA, a compensation outcome is not guaranteed.
AFCA has dedicated information on its website for consumers impacted by the collapse of First Guardian and Shield:
- Shield and First Guardian collapse - how AFCA can help
- AFCA publishes video update and Lead Decisions on Shield and First Guardian complaints
