Despite compensation, ASIC activates court action against Macquarie

Mike Taylor

Managing Editor and Publisher

25 September 2025

Macquarie Investment Management (MIML) will be the subject of Australian Securities and Investments Commission (ASIC) action in the Federal Court over the Shield Funds despite agreeing to pay compensation to investors.

ASIC announced today that it had commenced proceedings against MIML following that the firm had not acted efficiently, honestly and fairly by failing to place Shield on a watch list for heightened monitor.

ASIC said it had also accepted a court-enforceable undertaking from MIML to ensure Macquarie pays to members 100% of the amounts they invested in Shield less any amounts withdrawn.

The ASIC announcement said As superannuation trustee, MIML oversaw approximately $321 million in super investments into Shield by around 3,000 of its members between 2022 and 2023.

Macquarie has admitted the allegations in the proceeding. It is a matter for the Court to determine whether the declarations are appropriate.

ASIC has determined not to seek the imposition of a civil penalty in the exceptional circumstances of this matter, including:

• the strong public interest in obtaining a timely court-based outcome which will encourage other superannuation trustees to comply with their legal obligations in the context of choice platforms;

• the interests of providing affected members who invested into Shield through a regulated superannuation fund with certainty in a timely manner; and
• the level of cooperation demonstrated by Macquarie in agreeing to pay members 100% of the amounts invested in Shield less any amounts withdrawn, without waiting for an outcome of the Shield liquidation or proceedings against other parties involved.

“Superannuation trustees offering choice platforms are on notice. They are gatekeepers for retirement savings. ASIC expects them to take active steps to monitor the funds they make available to members through their platforms,” the Deputy Chair Sarah Court said.

“ASIC is continuing to investigate misconduct relating to the Shield and First Guardian Master Funds to hold those involved to account.”