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 and at no cost, although complaints involving an insolvent firm should be filed as soon as possible. All financial advice firms known to be involved are currently AFCA members. A formal Statement of Advice and complete supporting documentation are not required to lodge a complaint. AFCA can consider verbal or written advice based on available evidence, and consumers may provide further documents after filing. Self-Managed Super Fund trustees generally need one complaint covering the fund and its trustees, while partners who received separate Statements of Advice should file separately.
Australian Financial Complaints Authority2026-07-31
Australian Financial Complaints Authority publishes guidance for consumers affected by Shield and First Guardian fund collapses
The Australian Financial Complaints Authority has published guidance for consumers affected by the Shield and First Guardian Master Funds collapses. Complaints are free and can be filed without a formal Statement of Advice or complete documentation, but consumers should act promptly if the relevant firm is insolvent.