AFCA data confirms growing impact of Shield/First Guardian

Mike Taylor

Managing Editor and Publisher

13 July 2026

Just days after the Compensation Scheme of Last Resort (CSLR) released its revised levy estimate, the Australian Financial Complaints Authority (AFCA) updated its data confirming the cases which continue to drive up the cost of the scheme.

The updated AFCA data cube places Sequoia Financial-owned Interprac Financial Planning Pty Ltd at the top of the list with 1,144 complaints progressed and 40 closed, followed by Dixon Advisory and Superannuation with 773 complaints progressed and 1,263 closed, then United Global Capital with 349 complaints progressed, Financial Services Group with 347 complaints progressed.

The number of complaints referencing Interprac is hardly surprising given the fact that the Australian Securities and Investments Commission (ASIC) has been actively encouraging people affected by the Shield and First Guardian collapses to file a complaint with AFCA.

The AFCA data shows that the collapse of the Shield and First Guardian funds has started to manifest in the authority’s workload with firms associated with the collapsed funds showing up.