Hold Failed Super Funds Accountable

Ordinary Australians trusted the system. The system failed us. Now we’re fighting for justice.

We are among the 12,000 ordinary Australians who have lost some or all of our retirement savings due to the collapse of Shield and First Guardian. Together, up to $1.2 billion has vanished — one of Australia’s largest superannuation failures. Many of us are now facing destitution in retirement.

We did the right thing. We asked questions about our super, compared options, sought financial advice, and invested through major platforms that were meant to protect us. Instead, we were failed at every step:

Regulators (ASIC) were warned in 2022 and did nothing.

Platforms and Trustees (Diversa, New Quantum, EQT, Netwealth, Macquarie) approved and hosted these products without proper checks.

Licensees and advisers pushed them, took fees, and ignored the risks.

AFCA and CSLR offered no real pathway to justice — and any compensation may be capped far below the life savings we lost.

We are raising funds to organise and fight back. We don’t want to be beholden to law firms looking to profit from our pain. We want to act collectively, demand accountability, and pursue the companies and institutions that failed us.

We want our dignity back in retirement. We want justice. And we need your help to make it happen.

Why It’s Important and How Funds Will Be Used

This fight matters because 12,000 Australians have lost their retirement savings — up to $1.2 billion — through no fault of their own. Regulators, trustees, platforms, and advisers all failed us. ASIC is now taking legal action, but any money they recover will go into government revenue, not back to the people who lost everything. That is unfair, and we cannot accept it.

Your support will allow us to:

Form the right corporate structure to represent victims collectively.

Bring in a competent board and advisers to guide strategy.

Lobby government and industry to contribute to litigation funding.

Engage litigation funders and commence legal action on behalf of all members who lost money to Shield and First Guardian.

We are aiming to raise $40,000 to kick-start the process, but realistically, pursuing every responsible party may cost up to $5 million. This is not just about money — it’s about dignity, accountability, and ensuring this never happens again.

We are standing up because our regulator failed us. Now, with your help, we can fight back and demand justice.