The Australian Financial Complaints Authority published a video update from Lead Ombudsman Shail Singh setting out the latest complaints data linked to the collapse of the Shield and First Guardian Master Funds, alongside a recap of recent Australian Securities and Investments Commission (ASIC) communications to affected investors. As at 10 February 2026, AFCA had received 843 complaints relating to Shield and 1,319 relating to First Guardian, with 167 complaints covering both funds; AFCA expects volumes to increase given ASIC’s estimate that around 5,800 people invested in Shield and 6,000 in First Guardian. Complaints have been lodged against a range of financial firms, with the largest share against financial advice firms, as well as against superannuation trustees and a small number concerning the insolvent responsible entities Keystone Asset Management and Falcon Capital, which AFCA noted are not eligible under the Compensation Scheme of Last Resort (CSLR). AFCA reported issuing 42 determinations, including five lead decisions intended to help progress similar complaints more quickly and consistently, and said it has nearly 500 investigations underway while continuing to coordinate with ASIC and Super Consumers Australia, which has launched the takeyoursuperback.com information site referenced in ASIC’s letter to investors.
Australian Financial Complaints Authority 2026-02-13
Australian Financial Complaints Authority reports 843 Shield and 1,319 First Guardian Master Fund collapse complaints and 42 determinations
The Australian Financial Complaints Authority (AFCA) received 843 complaints about Shield's collapse and 1,319 about First Guardian Master Funds, expecting more due to ASIC's estimate of 5,800 Shield and 6,000 First Guardian investors. Complaints mainly target financial advice firms, with AFCA issuing 42 determinations and conducting nearly 500 investigations, while coordinating with ASIC and Super Consumers Australia.