ASIC has commenced civil penalty proceedings in the Federal Court against Equity Trustees Superannuation Limited (Equity Trustees), alleging failures in care, skill and diligence in relation to the decision to allow superannuation members to invest in the First Guardian Master Fund (First Guardian).
According to ASIC, more than $65 million was invested in First Guardian between June 2023 and March 2024 by around 2,700 members of NQ Super & Pension, a division of the AMG Superannuation Fund for which Equity Trustees acted as trustee. ASIC alleges that the trustee’s processes and decision-making fell short of the standards expected of a prudent superannuation trustee.
Alleged failures in onboarding First Guardian
ASIC alleges that Equity Trustees did not obtain critical information before onboarding First Guardian. The regulator claims the trustee failed to secure First Guardian’s constitution, audited financial accounts or an audit of its compliance plan prior to allowing member investments.
Further, ASIC alleges that Equity Trustees permitted members to allocate 100% of their superannuation balances to First Guardian despite evidence that the fund was or may have been illiquid. ASIC contends that such decisions were inconsistent with the level of care, skill and diligence required of a superannuation trustee.
Claims and relief sought
ASIC’s case includes allegations that Equity Trustees failed to exercise the same degree of care, skill and diligence as a prudent superannuation trustee when onboarding the different classes of First Guardian, failed to act in the best financial interests of members in relation to First Guardian, and failed to do all things necessary to ensure financial services covered by its Australian financial services licence were provided efficiently, honestly and fairly.
ASIC is seeking compensation for members for losses said to result from the alleged failures by Equity Trustees in relation to First Guardian. The regulator is also seeking declarations and civil penalties from the Federal Court.
Part of broader First Guardian investigations
ASIC Deputy Chair Sarah Court stated that this latest action forms part of ASIC's 2026 enforcement priority focused on the collapse of First Guardian and related funds. The proceedings against Equity Trustees are described as the second action taken against Equity Trustees and the fifth action against a superannuation trustee as part of ASIC's First Guardian and Shield Master Fund investigations.
ASIC reports that more than $420 million has been repaid to thousands of investors through its work to date connected to these investigations. The proceedings against Equity Trustees add to the regulatory response aimed at addressing alleged misconduct arising from the First Guardian and related fund structures.
The announcement of the civil penalty proceedings was published on 21/05/2026.



