Information checked October 28, 2026: Australians looking up the “First Guardian Retirement Fund” should first check the name. The investment at the centre of the official investigations is the First Guardian Master Fund (ARSN 635 429 113), a managed investment scheme operated by Falcon Capital Limited—not a standalone superannuation fund with that search phrase as its official name. Some people reached First Guardian through superannuation platforms or self-managed super funds, which helps explain the confusion. The difference matters because the company responsible for the investment, the superannuation trustee, the platform, and the financial adviser may each have a different role.
This is no longer a routine exercise in comparing funds available for investment. According to ASIC’s First Guardian investigation page, Falcon Capital suspended the processing of investment applications and withdrawals in May 2024, and the Federal Court ordered Falcon Capital and First Guardian to be wound up in April 2025. ASIC says approximately 6,000 people invested money, including retirement savings, in the scheme. If you already hold an affected investment, checking your records and the recovery process is more useful than looking for a new fund application form.
The Australian Securities and Investments Commission (ASIC) is investigating conduct connected to First Guardian. On October 7, 2026, ASIC announced civil proceedings against former financial adviser Osama Saad over alleged advice failures and schemes to avoid conflicted remuneration laws. Those claims are allegations in proceedings, not findings of guilt or established liability. The October 7 ASIC announcement explains what ASIC alleges.
Other findings are already established. On August 20, 2026, the Federal Court declared that two Netwealth entities contravened the Corporations Act in relation to First Guardian, based on agreed facts and admissions about inadequate assessment and disclosure of investment risks. ASIC states that more than $100 million in compensation was paid to over 1,000 affected Netwealth members in January 2026. That outcome does not mean every First Guardian investor has been compensated. Read the ASIC statement on the Netwealth judgment before applying it to your own account.
The amount that may ultimately be recovered through the wider liquidation, and when individual investors might receive a distribution, depend on asset recoveries, legal proceedings, and each person's circumstances. There is no sound basis for giving everyone a single recovery percentage or payment date. Action: identify the precise product, class, platform and trustee on your statements, then follow the official liquidator and complaints updates.
Start with a statement, contract note, investment confirmation or Statement of Advice. Record the scheme name, ARSN, investment class, account dates and the name of the superannuation trustee or investment platform. ASIC’s and the Australian Financial Complaints Authority’s records identify First Guardian Master Fund as ARSN 635 429 113 and Falcon Capital Limited as its responsible entity. The Australian Financial Complaints Authority (AFCA) says First Guardian was registered as a managed investment scheme in August 2019.
Use ASIC’s professional registers search to check the historical and current registration or licence information for relevant schemes, licensees and representatives. A register entry establishes certain registration facts; it does not certify that an investment is safe, liquid or suitable. Likewise, the appearance of an investment on a super platform does not remove the need to understand the underlying assets.
For an investor who cannot identify the custodian or trustee, the practical next step is to request a complete transaction history from the platform. Ask for the investment class and units held, the source of the money, any subsequent switches or withdrawals, and the legal entity receiving each payment. If your super was rolled over to make this investment, check the dates and whether insurance or other benefits were affected. Save copies rather than relying on a portal balance that may no longer reflect a readily realisable value.
A common mistake is to search for one “First Guardian fee” and assume it describes the total cost. The correct fee calculation can involve several separate agreements. Because First Guardian is in winding up, a historical Product Disclosure Statement (PDS) or fee schedule should not be treated as a current investable offer. The official sources checked do not establish one universal, up-to-date fee figure applicable to every investor and investment class.
| Possible cost | Where to look | What to ask |
|---|---|---|
| Underlying fund management and transaction costs | Historical PDS, supplementary disclosures and fund statements | Which class, rate and period applied, and were costs deducted from returns? |
| Adviser fees | Statement of Advice, fee consent records, adviser invoices | Was there an upfront, ongoing or transaction-based charge, and who received it? |
| Super platform or administration fees | Super trustee fee schedule and member statements | Were fees charged in addition to the underlying investment expenses? |
| Switching, withdrawal or other charges | Terms applicable at the transaction date and actual debit records | Was a charge applied, waived or merely disclosed as possible? |
ASIC’s Moneysmart guide to choosing a managed fund explains the general categories of managed-fund fees and why disclosure documents matter. Its managed funds fee calculator can demonstrate how recurring fees affect a hypothetical investment. It cannot establish the fees First Guardian actually charged a particular person, or predict any recovery from the liquidation.
Action: reconcile each disclosed charge against dated debits, the amount invested and the amount actually received. If there is a mismatch, ask the adviser or super trustee for an itemised written explanation and keep it with your complaint documents.
Liquidity risk is immediate in this case. ASIC states that withdrawals were suspended in May 2024 and cannot now be made through the ordinary fund redemption process while Falcon Capital is in liquidation. This is different from a normal market-price decline: a displayed value, even if one appears on a historic statement, is not the same thing as cash you can withdraw.
Other relevant areas include whether assets could be independently valued and sold; the degree of concentration in private or related-party investments; whether loans and receivables can be collected; whether advisers properly considered an investor’s circumstances; and whether investors were accurately informed of risks. ASIC has made allegations concerning aspects of First Guardian's assets, conflicts and disclosures. Those allegations should not be converted into definitive findings against every person or entity involved. Moneysmart’s managed-fund risk overview explains general liquidity, market and concentration concerns.
It is also a mistake to assume that regulatory registration guarantees returns or that every superannuation trustee owes the same compensation following a product collapse. The Netwealth outcome was tied to particular admissions, undertakings and affected members. Proceedings involving other trustees and participants may have different facts and remain unresolved. Action: request a written statement of the basis for any amount shown as “current value,” and distinguish an accounting estimate from an available withdrawal balance.
The appointed liquidators are Ross Blakeley and Paul Harlond of FTI Consulting. Their official Falcon Capital creditor and unitholder portal provides circulars, progress reports and contact information. It identifies First Guardian Master Fund by its ARSN and lists updates through 2026, including material related to asset realisation. Read the latest document in full rather than treating an older projected figure as final. ASIC asks investors to ensure they are registered with the liquidators.
A liquidation claim and a complaint about financial advice or a super trustee can involve different parties and processes. The AFCA First Guardian matter page identifies relevant trustees, platforms and financial advice firms, explains where complaints may be directed, and encourages affected people to act promptly. AFCA is a free, independent dispute-resolution service for eligible financial complaints. Whether it can deal with a complaint depends on its rules, the financial firm involved and other circumstances; a complaint does not guarantee compensation.
AFCA stated in March 2026 that membership end dates for certain insolvent firms associated with the Shield and First Guardian matters were deferred, but membership arrangements and applicable complaint limits can change. Do not rely on an old deadline circulated online. Check the AFCA membership announcement and current matter page, then lodge or seek advice as soon as practicable if you may have a claim. ASIC also directs investors to the independent Take Your Super Back support website, operated by Super Consumers Australia.
Store copies securely. Be wary of unsolicited offers to “unlock” First Guardian money in exchange for an upfront recovery payment, identity documents or remote access to your accounts. Confirm any contact through a regulator, your known trustee or the liquidator’s published contact details rather than a number supplied by a caller.
If you are only researching the product, the central takeaway is that First Guardian Master Fund is being wound up, not offered as an ordinary new retirement investment. Use the ASIC register, current enforcement page and FTI portal to understand its legal status before comparing any old return or fee claims.
If you invested through super, start with your trustee or platform for a transaction record, then contact the liquidator about registration and asset-recovery updates. If your concern is advice or the trustee’s conduct, review AFCA’s guidance without delay. If you invested outside super or via an SMSF, the documents and potential complaint pathways may differ, so identify the correct entity first.
Bottom line: verify the legal fund name and your holding; distinguish historical disclosed fees from actual charges; recognise that withdrawals are suspended and recovery remains uncertain; and use ASIC, FTI Consulting and AFCA—not promotional material or promised recovery rates—for current information. This guide is general information, not personal financial or legal advice.
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