ASIC financially backs Super Consumers on Shield, First Guardian
The Australian Securities and Investments Commission (ASIC) has moved to prompt more investors affected by the collapse of the Shield and First Guardian funds to seek compensation via the Australian Financial Complaints Authority (AFCA).
The regulator has financially backed a new consumer web site which will launch tomorrow.
ASIC made the announcement while saying that, so far, less than 2,000 of around 11,000 Australians who invested approximately $1.1 billion in Shield and First Guardian have lodged complaints with the Australian Financial Complaints Authority (AFCA).
It said this had prompted ASIC to take further action to ensure investors understand the impact.
“From tomorrow (Friday 6 February 2026), ASIC will begin sending further information to investors, including a link to a dedicated consumer website that contains trusted and independent support, and options to make a complaint: takeyoursuperback.com.
“The new consumer website has been independently developed by Super Consumers Australia with funding from ASIC,” it said. “Super Consumers Australia is an independent consumer advocacy organisation that is helping consumers impacted by the collapse of First Guardian and Shield understand what they can do.”
Who is going to pay for this ??
Who would you like to pay for it? Anyone but you?
MIS levy across them ALL
We already pay ASIC. They don’t do their job properly. People lost money.
So advisers not only pay for the compensation via the CSLR, but also pay for ASIC to use our money on complaint lodging.
It’s pretty unfair wouldn’t you think?
Good news for the people that lost money……but just thinking about my CSLR bill and what that’s going to be now….
While I’m happy for the consumers who were impacted by improper actors, I am extremely disillusioned that AFCA is going to get a guernsey on this. It was effectively straight-out fraud; therefore, the assets of the perpetrators should be liquidated to compensate those who lost money. And what about their PI insurers, they should be bearing the costs of this rather than the matter being referred to AFCA.
Legitimately hard-working advisers who had nothing to do with this debacle are once again going to have to pay for the unscrupulous actions of others…which ultimately means our clients are going to pick up the bill for this “shit”.
No other professions (legal, medical etc) are required to compensate the clients of other practitioners in the same profession that do wrong by their clients. CSLR, while well intentioned, is not a solution that is fair and equitable to the innocent practitioners expected to fund the scheme.
Do all Drs have to cough up every time a patient sues, or a patient is affected by malpractice. CLSR is ludicrous and needs to be challenged and rejected
Just a quick question.
Didn’t you all have to pass an “Ethics” exam via FASEA ?
What was the point of that in this case, and in particular the many advisers who not only issued SOA’s with recommendations and then redirected client funds into Shield Master Trust/First Guardian without the client’s knowledge and obviously without their consent.
ASiC fail on dodgy MIS warnings and yet again like Dixon’s. ASIC now advertise to dump more costs onto Advisers via CSLR.
What did Govt pay towards Dixon’s CSLR when they promised to pay the first year ? Yep 1 solitary Dixon’s claim.
What will Govt pay towards this latest MIS failure & fraud ASIC let go for too long. Yep Nothing.
Sick of paying for other people’s fraud