Diversa’s defence argues First Guardian fraud

Mike Taylor

Managing Editor and Publisher

23 June 2026

Diversa Trustees has filed its defence to the proceedings initiated by the Australian Securities and Investments Commission (ASIC) following the collapse of the First Guardian fund citing fraud by other parties.

In doing so, the company has emphasised its hope that the Federal Government will activate Part 23 of the Superannuation Industry (Supervision) Act dealing with losses due to fraudulent activity.

Diversa made public the essence of its defence at the same time as platform business Praemium announced to the Australian Securities Exchange (ASX) that it and its associated businesses Powerwrap Limited and One Vue had received notices of cross-claim from Diversa.

Diversa’s defence filing claims that the company at all times acted in the best interests of members.

The company’s statement confirming the filing said its defence is in line with Diversa’s application to the Federal Government for financial assistance for members who experienced losses due to fraudulent activity under Part 23 of the Superannuation Industry (Supervision) Act 1993.

“Diversa has been actively engaging with the Federal Government to support the application since lodging it in April,” it said.

“Diversa’s defence identifies the cause of members’ losses as fundamentally the actions of First Guardian’s trustee (Falcon Capital Limited) and its directors, with the actions of members’ financial advisers and the operators of the platforms also contributing.”

“As a superannuation trustee, Diversa is responsible for the retirement plans of more than 300,000 Australians. Diversa takes this responsibility seriously. Diversa also considers that appropriate attention needs to be given to the responsibilities of that financial advisers and service providers have in the broader superannuation industry,” the statement said.

“While Diversa considers ASIC’s claim to be misconceived, the proceedings will highlight the responsibilities of those other parties.”

The statement said Diversa’s managing director, Andrew Peterson had said the company would continue to take every available step in the interests of members.

“This has been a very hard time for members caught up in the First Guardian collapse.

“We are committed to making sure that the fraud committed against them is rectified, and that those responsible for it are held to account.

“I’m encouraged by the Government’s close attention to our application for financial assistance for our members, and we will work closely with them to make sure it can be considered and resolved as quickly as possible.

“We think the case for a grant of financial assistance is compelling. We understand that the application requires careful consideration and appreciate the engagement we have received from the Federal Government.”