Australian Financial Complaints Authority defers expulsion and membership end dates for firms linked to Shield and First Guardian Master Funds collapse

The Australian Financial Complaints Authority (AFCA) has decided not to expel any financial firm known to be involved in the collapse of the Shield and First Guardian Master Funds and has deferred any previously identified membership end dates to a date yet to be fixed. The move is intended to ensure consumers are not prevented from lodging complaints due to expulsion decisions or fixed membership end dates. AFCA said it is inappropriate to close off access to external dispute resolution while the full extent of consumer harm is still emerging, noting ASIC’s indication that around 12,000 investors were impacted but only around 2,000 complaints have been lodged with AFCA to date. The decision aligns with the AFCA Board’s September 2025 policy position, under which United Global Capital in liquidation was reinstated and Next Generation Advice in liquidation had its expulsion deferred; United Global Capital’s scheduled membership end date of 31 March 2026 will no longer apply and Next Generation Advice will not be expelled on 18 April 2026. Expulsion is also being deferred for any other firm known to be involved, including but not limited to licensee firms identified by ASIC, while complaints will continue to be assessed independently on their merits and liquidation processes will continue. AFCA said it may consider further membership decisions in the future and will provide clear, advance notice of any changes to membership end dates or complaint deadlines.