# Thousands of First Guardian investors face little or no retirement savings recovery

- URL: https://talkfuse.com/story/thousands-of-australians-may-never-recover-retirement-savings-lost-in-first-guardian-fund-collapse/
- Published: 2026-10-30T00:16:12+00:00
- Updated: 2026-10-30T00:33:09+00:00
- Original publisher: Daily Mail (publisher lean: Right)
- Original article: https://www.dailymail.com/news/article-16250781/first-guardian-shield-fund-collapse-australia-super-retirement.html?ns_mchannel=rss&ns_campaign=1490&ito=1490
- Topics: World

## Key points

- Over 12,000 Australians were affected by the fund collapses.
- First Guardian liquidators have recovered just $8 million.
- Legal cases and compensation options remain under way.

## Summary

More than 12,000 Australians were affected when the First Guardian and Shield Master Funds collapsed in May 2024, owing about $1.2 billion. Liquidators say thousands of First Guardian investors may recover little or nothing, leaving people who transferred retirement savings into the fund facing deep uncertainty.

Of First Guardian’s $512 million in investments, liquidators have recovered just $8 million, while winding-up costs have reached nearly $7 million. They have classified about $117.6 million as written off or settled and another $344.5 million as uncertain, including money tied to overseas property and speculative technology ventures. ASIC is pursuing legal cases against several companies; a separate Netwealth agreement provided about $100 million to around 1,000 investors, while the Compensation Scheme of Last Resort caps payments at $150,000.

---
Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.