What happened?

The Shield Master Fund (Shield) and First Guardian Master Fund (First Guardian) were two separate managed investment schemes that collapsed. Shield was operated and managed by Keystone Asset Management Ltd (Keystone) and First Guardian was operated and managed by Falcon Capital Ltd (Falcon Capital)

ASIC is currently conducting multiple investigations into conduct connected to Shield and First Guardian. You can find more information at the ASIC First Guardian information page or the ASIC Shield information page.

Almost 12,000 investors have been impacted. The collapse of both funds has led to the loss of $1.2 billion in super balances.

Have you been impacted by the collapse of the Shield or First Guardian Master Funds?

To find out if you may have been impacted by the collapse of Shield or First Guardian, visit the Take Your Super Back website.

Making an AFCA complaint

If you have been impacted by the collapse of Shield and First Guardian, you may wish to lodge a complaint with the Australian Financial Complaints Authority (AFCA). Acting promptly and providing accurate information is essential. For more information about how to lodge a complaint, please visit the AFCA website.

It is important to understand that AFCA is only one possible pathway to seek redress. Depending on your situation, other avenues may also be available to you. These may include:

• lodging a proof of debt with the administrator or liquidator
• participating in any remediation program offered by the firm or its successors
• joining a class action
• initiating private legal action through the courts

Each pathway serves a different purpose and operates under different rules, timeframes and eligibility criteria.

Where does the CSLR come into the process?

The Compensation Scheme of Last Resort (CSLR) is designed as a place where consumers can seek compensation once all other options have been exhausted.

Our role is to provide the final safeguard for consumers and small businesses who have sought help through the appropriate channels and still find themselves without the compensation they are entitled to.

Subject to meeting the relevant eligibility criteria, the CSLR may be able to provide eligible claimants with up to $150,000 in compensation.

Who can make a claim with CSLR?

The CSLR can only consider a claim after AFCA has made an eligible determination in your favour, and the financial firm is unable to pay the compensation owed.

For further details on making a claim, please visit our How to Make a Claim page.

How do I make a claim?

You can make a claim for compensation with the CSLR by visiting our claims portal.

Make sure you have the following documents ready:

• Government-issued identification
• A copy of the AFCA determination
• A copy of the AFCA appropriate steps notice

How long will it take for me to get paid?

Your CSLR Claims Officer will be able to update you on the progress of your claim and give you more information about when you should expect payment once your claim is assessed for eligibility.

Where can I get help or further information?

If you think you might be impacted by the collapse of Shield or First Guardian, the best place for you to start is by reading the information published by the Australian Securities and Investments Commission (ASIC). They have specific pages detailing what has occurred regarding both Shield and First Guardian. The Australian Financial Complaints Authority website also has a dedicated page for those affected by the failure of these firms.

Additional information can be found on the Take Your Super Back website. Developed by Super Consumers Australia with funding from the Australian Securities and Investments Commission (ASIC) to provide independent, trustworthy information and self-help tools to people who invested in the Shield and First Guardian Master Funds. The information presented on this website is straightforward and avoids complex industry-centric language.

Other dedicated resources are listed below, and you can find the CSLR’s comprehensive list of legal, financial and mental health resources.