In August 2020, Ron received an unsolicited call from an authorised call centre representative who suggested meeting to review his superannuation as he prepared for retirement.

Ron had already been considering his options. His retail superannuation fund was no longer delivering the performance it once had, so he agreed to establish a self-managed superannuation fund (SMSF) based on the advice he received.

“I expressed very clearly from the beginning that I wanted a steady-growth, diversified portfolio, which I’d not had previously, and was assured that the assets I’d been advised to invest in matched that brief, Ron explains.

They didn’t promise outrageous returns, around 8 to 11 per cent, and I was comfortable with that.”

For several years, Ron’s SMSF appeared to be performing reasonably well. He received regular statements and had no reason to be concerned.

That changed in February 2024, when his adviser emailed to inform him that ASIC had placed a temporary freeze on funds held within his SMSF, specifically First Guardian.

“They were quick to tell me not to worry and that it was just a little hiccup, speaking of ‘significant inflows’ to the fund later in the year” Ron says.

Unfortunately, it was not a minor setback. By June 2024, the fund had been suspended, ASIC had appointed a liquidator and Ron, along with thousands of other First Guardian investors, could no longer access their money.

The reality of losing almost 80 per cent of his retirement savings took time to sink in.

“It’s something I wouldn’t wish on anyone,” he says.

Nearly two years on, Ron says the impact remains immeasurable.

“It’s not just the financial loss. My physical and mental health has deteriorated, and the strain this kind of thing puts on relationships is yet another burden that so many victims are having to navigate.

I am profoundly depressed and have withdrawn significantly from my social circle. Spending time with friends who are enjoying retirement because they still have choices, when our choices have been taken away, is incredibly difficult. I am tormented by it day and night”

Ron is now working three jobs and says retirement is no longer something he can contemplate.

“I’ve just received my AFCA determination, and while I feel vindicated, I have mixed feelings about the CSLR being the next step. Knowing that the CSLR is my true last resort feels so final.

I hate knowing that this is the end of the process for me, especially when those responsible have yet to face tangible consequences.”

As of October 2026, ASIC continues to undertake a range of investigations relating to First Guardian and associated lead generators and advisers. Together with the work of liquidators and administrators, these processes are expected to continue for several years.

“Financial advice is built on trust. People seek out advisers because they need expertise and guidance, and they expect you to act in their best interests, says Ron.

Considering the failures seen with Shield, First Guardian and so many others, every adviser has a role to play in rebuilding and maintaining public confidence. You must uphold industry standards and call out those who aren’t doing the right thing. You must make seeking financial advice something that people can be confident about seeking,” advised Ron.

*Name changed for privacy