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First Guardian & Shield Super Collapse – have you been fully compensated?

Gordon Legal is investigating potential claims involving the First Guardian and Shield Master Funds, including for people who invested through Macquarie and Netwealth. If you invested in either fund, you can register to receive updates and find out if you may be affected.

Register for updates FAQs
✓ Takes less than 2 minutes
✓ No cost to register
✓ No obligation to take part

Gordon Legal is seriously concerned that people who invested in Macquarie and Netwealth may not have been fully compensated for all of their losses, even where some compensation may have already been paid back to them.

Register with us to see if you can get all of your super back.

This may apply to you if

  • You had your super invested in the First Guardian Master Fund or Shield Master Fund
  • Your investment was made through a financial adviser or super fund
  • You were unaware of where your money was being invested
  • You may have lost part or all of your super, or you may be unsure where your super funds are now

Registering is simple and does not commit you to anything

  • You’ll receive updates about the investigation
  • There is no cost to register
  • You can decide later whether to take part in legal action

Register for Updates

What Happened?

The First Guardian and Shield Master Funds were investment schemes that collapsed between 2024 and 2025, affecting thousands of investors.

Many people may not have been aware their super was invested in these products, particularly where investments were made through financial advisers or super platforms.

Investments may have been linked to platforms such as:

  • Netwealth Superannuation
  • NQ Super
  • Super Accelerator Plus
  • Your Choice Super
  • Macquarie Wrap
  • Australian Practical Superannuation (AusPrac Super)

If any of these sound familiar, you may have been affected. You can find a full list of affected funds and trustees in our FAQs.

How We Can Help

We’re investigating how people’s super was moved into these funds, including whether:

  • you were properly informed about the investment
  • the risks were clearly explained
  • the advice or disclosures you received were appropriate

We’re looking at the role of financial advisers, platforms, and super funds involved.

If you were affected, you may be entitled to compensation.

If you register, we’ll:

  • keep you updated as the investigation progresses
  • let you know if a class action is launched
  • contact you if we need more information
Register for updates

Frequently Asked Questions

You may have been affected if your superannuation or other investments were placed into the First Guardian Master Fund or Shield Master Fund, and you suffered loss following the collapse of those funds. Many affected investors were advised by financial advisers to invest in these products.

You may still be affected even if:

  • you invested through a financial adviser
  • someone contacted you and recommended that you switch your super or investments
  • you did not realise your money had been placed into First Guardian or Shield
  • you now live outside Australia

If you are unsure, a good starting point is to check your super or investment statements, ask your super fund or adviser what fund your money was invested in, and register with us via the below form for updates.

ASIC has also said investors should ensure they are registered with the liquidator and consider contacting AFCA.

Investments in these funds were often made through superannuation platforms and trustee arrangements.

This may include (but is not limited to):

  • Your Choice Super
  • Australian Practical Superannuation (AusPrac Super)
  • Praemium Super
  • Netwealth Superannuation
  • Super Accelerator Plus
  • Wealth Accelerator
  • AMG Super
  • Acclaim Wealth
  • NQ Super
  • Freedom of Choice
  • Macquarie Wrap
  • Super Simplifier
  • Self-Managed Super Fund (SMSF)
  • Equity Trustees Superannuation Limited
  • Netwealth Superannuation Services Pty Ltd
  • Diversa Trustees Limited
  • Macquarie Investment Management Ltd

You may still have been affected even if you do not recognise these names.

If you think you may have been affected, you should:

  1. Gather any records you have about your investment or super
  2. Register your details with us via the below form so you can receive updates about the investigation
  3. Consider getting advice about other available options, including AFCA complaints and any liquidator process

No.

You can register without providing documents.

If you have any relevant documents (for example, statements or correspondence) and are willing to provide them, that can be helpful, but it is not required.

If needed, our team may contact you later to request further information.

No. Registering now does not mean you are joining a class action.

No legal proceedings have been started at this stage. Registering simply means:

  • we can let you know if a class action is launched
  • you’ll receive updates about the investigation
  • we can contact you if we need more information

There is no cost to register, and you are not obliged to take part in any legal proceedings. You can decide later whether you want to participate in legal action.

In many cases, yes.

You may be able to register on behalf of:

  • a parent or family member who needs assistance
  • someone for whom you hold legal authority, such as a power of attorney
  • the estate of someone who has passed away

If you are registering for another person, it is helpful to explain your relationship to them and whether you hold authority to act on their behalf. Gordon Legal may contact you if further information is needed.

After registering:

  • you will receive updates as the investigation progresses
  • you will be notified if a class action is commenced
  • our team may contact you if further information is required

It means we are looking into whether a group of people who were affected in a similar way may have a claim for compensation.

A class action is a legal proceeding brought on behalf of a group of people with similar claims. Not everyone’s circumstances need to be identical, but there must be common issues.

At this stage, no class action has been started. We are investigating whether there are grounds for compensation through a class action.

They are different processes with different roles.

ASIC is the regulator. It investigates conduct and can take enforcement action, including court action to preserve assets. ASIC says it is currently conducting multiple investigations connected to Shield and has been exploring avenues for compensation for victims.

AFCA is an external dispute resolution scheme. It deals with individual complaints against member financial firms and, in some cases, can award compensation. AFCA-related guidance for Shield and First Guardian says other options may also include liquidator processes, remediation programs, class actions or private actions.

A class action is a court proceeding brought on behalf of a group of affected people. Gordon Legal is currently investigating whether there are grounds for compensation through a class action.

Registering with Gordon Legal at this point is not the same as joining a class action, and it does not lock you into anything.

At this stage, we are investigating whether a class action should be brought. Registering simply means:

  • you are letting us know what you may have been affected
  • we can let you know what is happening with our investigation
  • you will receive updates as the situation develops
  • you can make an informed decision later if a class action goes ahead

You are right to be cautious. There are different pathways that may be available, including:

  • making a complaint through AFCA
  • participating in any liquidator or compensation process
  • a possible class action

Each option has pros and cons.

For example:

  • Class actions can be an efficient way to pursue compensation as a group, but they can take time and may involve legal or funding costs if successful
  • AFCA complaints are individual and may be quicker in some cases, but outcomes can vary depending on the circumstances

Registering with us now does not stop you from exploring or using any of these options.

If a class action is commenced, we will explain:

  • how it works
  • any costs or deductions that may apply
  • how it interacts with other processes like AFCA

At that point, you can decide what is right for you.

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