In a keynote address, ASIC Commissioner Alan Kirkland outlined the Australian Securities & Investments Commission’s enforcement and surveillance response to the collapse of the Shield and First Guardian Master Funds, describing this work as a major priority. ASIC now has 12 cases underway against 21 defendants and is running 26 investigations, alongside a new review of financial advice licensees that use lead generation services and work examining superannuation trustees’ steps to detect and disrupt high-risk super-switching. The address summarised actions taken over the past 12 months, including asset-freezing orders, travel restraints, search warrants conducted with the Australian Federal Police, winding-up orders, Australian Financial Services licence cancellations and multiple adviser bans linked to Shield and First Guardian-related conduct. ASIC has also commenced or expanded civil penalty proceedings against parties including Equity Trustees and Macquarie Investment Management in relation to Shield, and Diversa and Netwealth in relation to First Guardian, as well as actions involving SQM Research, Interprac and others. Two trustees, Macquarie and Netwealth, have admitted failures and returned a combined AUD 422 million to around 4,000 members, while ASIC is seeking compensation from the remaining two trustees, Equity and Diversa. ASIC signalled further cases are expected, and said the lead generation review will identify advice businesses using these services and may lead to disruptive or enforcement action where appropriate, supported by consumer information including a Moneysmart list to be updated during the review. The speech also pointed to increased consumer assistance, including rebuilding Moneysmart super and retirement tools and running consumer campaigns and warnings, alongside engagement on Government proposals on managed investment scheme oversight, ASIC data-collection powers and trustee reporting of suspicious super-switching, with further reforms flagged for consultation in coming months.
Australian Securities & Investments Commission 2026-02-23
Australian Securities & Investments Commission reports 12 cases linked to Shield and First Guardian and begins lead generation licensee review
ASIC Commissioner Alan Kirkland emphasized enforcement efforts after the Shield and First Guardian Master Funds collapse, with 12 cases and 26 investigations. Actions include asset-freezing orders, licence cancellations, and civil penalty proceedings against entities like Equity Trustees and Macquarie Investment Management. ASIC is reviewing financial advice licensees using lead generation services and enhancing consumer assistance through updated Moneysmart tools and campaigns.