The Australian Securities and Investments Commission (ASIC) has initiated a new phase of support for investors impacted by the collapse of the Shield Master Fund and First Guardian Master Fund.
To this end, from 6 February, the corporate regulator will commence sending further correspondence to affected individuals. The messaging will direct consumers to a dedicated website, takeyoursuperback.com, offering independent support and guidance on the complaints process.
The new consumer resource was developed independently by Super Consumers Australia with funding provided by ASIC. It is designed to help investors navigate complex next steps, including how to lodge a complaint with the Australian Financial Complaints Authority (AFCA) and the relevant deadlines for submission. It also provides pathways to support services for those experiencing financial hardship.
This outreach aims to bridge a significant gap in consumer action as current data indicates a large majority of investors have yet to seek recourse through the AFCA.
According to the regulator, less than 2000 of around 11,000 Australians who invested a combined total of about $1.1 billion in the funds have formally lodged complaints. ASIC indicated this low engagement rate has prompted the need for further action to ensure investors fully understand their position.
The regulator emphasised AFCA’s dispute resolution service is free for consumers, noting investors do not need to pay third parties to lodge a complaint.
Consumers who may have exposure to either collapsed investment scheme can expect to be contacted by the regulator in the coming weeks.
While the current focus is on the remaining investors, some progress on compensation has already been made. To date around 4000 consumers have benefited from around $421 million in payments from Macquarie and compensation from Netwealth.
These outcomes resulted from court-enforceable undertakings agreed to by ASIC during its broader investigation.
The regulator confirmed its scrutiny of the collapses is ongoing and extensive. Nearly 50 staff are currently working across 26 separate investigations, which ASIC described as “among the largest and most complex cases” in its history.
