The Australian Securities & Investments Commission has commenced civil penalty proceedings in the Federal Court against Equity Trustees Superannuation Limited, alleging it failed to exercise due care and act in members’ best financial interests when it allowed NQ Super & Pension members to invest in the First Guardian Master Fund. More than AUD 65 million was invested in First Guardian between June 2023 and March 2024 by around 2,700 members of the AMG Superannuation Fund division. ASIC is seeking compensation for losses, as well as declarations and civil penalties. ASIC alleges Equity Trustees approved three First Guardian classes as investment options without obtaining critical information including the fund’s constitution, audited financial accounts and an audit of its compliance plan, and permitted members to invest 100% of their balances despite evidence the fund was or may have been illiquid. The case forms part of ASIC’s 2026 enforcement priority into the collapse of First Guardian and related funds. ASIC said this is its second action against Equity Trustees and its fifth against a super trustee in the First Guardian and Shield Master Fund investigations, with more than 26 matters now under investigation or before the Federal Court.
Australian Securities & Investments Commission2026-05-21
Australian Securities & Investments Commission sues Equity Trustees over alleged First Guardian super investment failures affecting AUD 65 million
The Australian Securities & Investments Commission has commenced civil penalty proceedings in the Federal Court against Equity Trustees Superannuation Limited, alleging it failed to exercise due care and act in members’ best financial interests when allowing NQ Super & Pension members to invest over AUD 65 million in the First Guardian Master Fund. ASIC claims Equity Trustees approved three First Guardian classes without key documents and allowed members to invest 100% of their balances despite evidence the fund was or may have been illiquid. The case is part of ASIC’s 2026 enforcement priority into the collapse of First Guardian and related funds and is its second action against Equity Trustees and fifth against a super trustee.