Graeme Dyall feared he would retire without savings after withdrawals from the Shield Master Fund were frozen during the collapse of the $1.1 billion First Guardian and Shield funds. He has now received about $219,700 through Macquarie’s remediation programme, recovering most of the $230,000 he invested, although he says the crisis cost him his corporate career, Melbourne home and confidence in Australia’s financial system.

Dyall invested after being led to believe his money was being placed through Macquarie, and it was later transferred into a Macquarie subsidiary on advice from InterPrac. Macquarie Investment Management admitted it had failed to monitor Shield properly and agreed in September 2025 to repay investors’ net capital invested through its platform; Dyall is still seeking compensation for lost investment growth through AFCA. An estimated 12,000 Australians were affected, with many still awaiting decisions or relying on the age pension.