Equity Trustees says Shield, First Guardian fraudulently passed DD
Equity Trustees has conceded the Shield and First Guardian master funds passed its due diligence process, but insists it is also the victim of fraudulent conduct. The trustee will apply for government assistance to remediate victims of the failed schemes and Minister for Financial Services Daniel Mulino said on Thursday he will soon consider Netwealth's request.
October 30, 2025
InterPrac’s plea to the government is a sick joke
InterPrac Financial Planning has written to the government to pressure trustees to remediate clients caught up in the collapse of the Shield and First Guardian master funds. It might sound appealing on the surface, but it’s merely an attempt by the group to absolve itself of any responsibility when the advisers at the heart of the collapse conducted their business under the authority of the licensee.
October 29, 2025
Former FPA policy head and Viridian CEO elected to FAAA board
Former Financial Planning Association head of policy Ben Marshan and co-head of Viridian Glenn Calder are the two new directors elected by members to the Financial Advice Association Australia board.
October 29, 2025
Retirement planning starts when you start your first job
Aside from increased transparency, improved tax efficiency and the expertise of a professional investment manager managing their portfolio, there are several ways separately managed accounts can be extremely useful, writes AMP’s David Hutchison. This is particularly the case during the transition to retirement, when stumbling blocks may start to appear.
October 29, 2025
Retirement is a journey not a deadline
Retirement is not a date in time but a journey that starts on the day a person gets their first job, which requires the advice and wealth management industry to reach people earlier and develop strategies and solutions that can flex and grow with their needs.
October 29, 2025
Court orders review to uncover more of First Guardian-linked adviser’s assets
The Federal Court has ordered a review of the assets of Shield and First Guardian-linked adviser Ferras Merhi due to concerns he hasn’t been forthcoming with the regulator about what he owns. The move follows evidence presented by the regulator that he often disclosed assets only after the regulator had already discovered them.
October 28, 2025
The three investment challenges shaping Australia’s super system
Australia’s super system faces three converging investment challenges: deciding when to go active; navigating the growth of “benchmark-anchored” investing; and managing capacity constraints as assets under management balloon. Geoff Warren, research fellow at The Conexus Institute, unpacked the problems at the Fiduciary Investors Symposium.
October 28, 2025
Shield liquidators deny existence of Chiodo proposal
The liquidator of the Shield Master Fund has knocked back suggestions it received a proposal from Shield director Paul Chiodo to help remediate investors, noting several “false and misleading statements” in an announcement he made last week which ASIC had similarly disputed.
October 27, 2025
Netwealth asks govt for $100m First Guardian bailout
Netwealth has asked the government to help remediate First Guardian Master Fund victims by invoking an obscure legislative mechanism that was used to help remediate victims of the Trio Capital collapse in the early 2010s.
October 27, 2025
Auditor pinged for gatekeeping failure with United Global Capital
The auditor of United Global Capital and its related funds has seen his registration cancelled due to failure to adequately carry out his duties. The move comes amid similar concerns over the due diligence role played by the auditors of the Shield and First Guardian master funds.
October 27, 2025
