How do I get my money back?

Last updated: 22 December 2025

The Shield and First Guardian Master Funds are being wound up. There won’t be enough money to pay people back everything they invested. So how do you try to get the rest back? Find out more about your options.

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What happened to my money?

Both Shield and First Guardian funds were closed to new investors and frozen because of concerns about the investments and how the money was being used. Liquidators were appointed to wind up Shield in December 2024 and to wind up First Guardian in April 2025. The liquidators will look at the books, find and sell all the assets and pay the debts. 

The liquidators found that neither fund has enough money to pay back investors in full. The Australian Securities and Investments Commission (ASIC) and the liquidators are working to get as much money back as they can. How much each person who invested will get back depends on a lot of factors, like how much money the liquidators can sell the assets for and the amount of debts that they have to pay. The liquidation process is ongoing and it will take a few years to get it all sorted out. ASIC is also working to get the super funds to pay their members back.

Find out more about what is being done to get people’s money back.

What can I do to get my money back?

Most investors will be entitled to at least some of their money back. But you need to take action to get it. There are a few different options for getting your money back depending on your situation. Below is some information about each option. 

You may also want to contact a lawyer to understand which is the best option for you.

Find out more about how to get legal advice or help. 

The Australian Financial Complaints Authority (AFCA) is a free service that can deal with complaints about financial businesses. Most people who invested in Shield or First Guardian dealt with a financial adviser, or a super fund (or both). If you believe they have done something wrong, you may be able to complain to AFCA. AFCA can order the financial business to pay you money that you lost because of their error or conduct.

You don’t need to hire a lawyer to make a complaint to AFCA and there are many resources available to help you make your complaint. However, there are deadlines starting as early as 31 March 2026 to make complaints against some businesses. It is important that you lodge a complaint as soon as possible.

Find out more about how to make a complaint.

If you have a self-managed super fund, you may need to get in touch with the liquidators to file a claim for your money back. If don’t have a self-managed super fund (e.g. you’re in a super platform), your super fund will make a claim for you.

Find out more about dealing with the liquidators.

A class action is a type of lawsuit where one or more people sue on behalf of a larger group of people who have been harmed by the same person or company. Class actions may seem like a good idea, but there are some important things you need to know about how class actions work (like costs) before you decide whether or not to be a part of one.

Find out more about class actions.

Depending on your circumstances, you may be able to sue one or more of the people or businesses who were involved in your investment journey. This can be expensive and complicated. If you want to go to court, you should get legal advice from a licensed lawyer. They can tell you:

  • who you may be able to make a claim against;
  • what you may be able to claim and how much;
  • your chances of success;
  • how long it will likely take;
  • how much it could cost you.

Find out more about how to get legal advice.

Other things that you can do

Making a report to ASIC

  • If you feel that any of the people or companies you’ve dealt with about your investment in Shield or First Guardian have broken the law, you can report them to the regulator: the Australian Securities and Investments Commission (ASIC). 
  • There are some financial businesses that you cannot complain to the Australian Financial Complaints Authority about, such as auditors or research houses. You can report them to ASIC instead.

ASIC can investigate and take enforcement action against people and companies who have broken the financial services law. Taking action to hold those responsible to account for the collapse of the Shield and First Guardian Master Funds is an enforcement priority for ASIC and it has banned a number of financial advisers and other people responsible for switching people into Shield and First Guardian. ASIC has also commenced enforcement action against super funds, financial advice businesses, a lead generator and a research house involved with Shield and First Guardian. Enforcement action holds people accountable for their actions and prevents them harming anyone in the future. 

In some cases, like its agreement with Macquarie and its agreement with Netwealth, ASIC can get businesses to compensate people who were harmed as a result of their misconduct. 

You can make a report to ASIC about misconduct by completing this form.

Find out more about what is being done to get people’s money back.

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