The Australian Financial Complaints Authority has published a video answering common questions from consumers affected by the collapse of the Shield and First Guardian Master Funds. Consumers may lodge complaints at any time, but should act as soon as possible where a financial firm is insolvent. The service is free, and consumers do not need a lawyer, a formal Statement of Advice or all supporting documents before filing. Trustees who received advice through a self-managed superannuation fund need to lodge one complaint covering the fund and its trustees. Partners who received separate Statements of Advice should file separate complaints. All financial advice firms currently known to be involved in the collapse are AFCA members, and AFCA will provide advance notice if a firm is about to lose its membership.
Australian Financial Complaints Authority2026-07-31
Australian Financial Complaints Authority publishes complaint guidance for consumers affected by Shield and First Guardian fund collapses
The Australian Financial Complaints Authority has issued guidance for consumers affected by the Shield and First Guardian Master Funds collapses. Complaints are free and may be lodged without a lawyer, a Statement of Advice or complete documentation, although consumers should act promptly if a firm is insolvent.