First Guardian Master Fund Collapse: Claims and Next Steps
Checked by The Proofmark editorial team against our methodology before publishing
The Proofmark · Our methodology
If your retirement savings went into First Guardian, a new court headline may leave the main question unanswered: what should you do about your own money? Start with your account provider. A Netwealth compensation arrangement, the liquidation and a complaint about advice are different routes.
What has happened since the First Guardian collapse?
On 7 October 2026, ASIC announced a civil case against former adviser Osama Saad. It alleges failures in advice to First Guardian clients and schemes to avoid rules on payments that could influence advice. These are allegations, not a final ruling. The case does not replace your own claim or complaint.
Start with the name on your statement
First Guardian Master Fund was run by Falcon Capital Limited. FTI Consulting's Ross Blakeley and Paul Harlond were appointed to wind up Falcon Capital on 9 April 2025. FTI lists the Master Fund alongside several other funds. Check the exact name on your own record.
Do not use a search for “First Guardian” alone to identify the firm. Similar names and unrelated search results can take you to the wrong place.
Did you invest through Netwealth?
ASIC announced a separate arrangement on 17 December 2025: affected Netwealth members were to receive their First Guardian investment less withdrawals. The announced payment deadline was 30 January 2026. This is not a future payout date for every First Guardian investor.
If Netwealth appears on your statement, check whether compensation was credited and ask for the calculation if anything is missing. If you used another platform, do not assume this arrangement covers you. Keep any compensation already received in your records so the same loss is not counted twice.
Fund recovery and a complaint: what is the difference?
The fund claim. This concerns your interest in the failed fund. Use the FTI case page below to find notices and ask whether your holding is recorded correctly. FTI lists [email protected] for investors.
A complaint about advice or the platform. This concerns what a financial firm did. ASIC tells investors to consider AFCA and identify the firm responsible for the advice or the pension platform. It may not be the trading name you remember.
One file can support both routes, but they are not the same claim. Ask each body what it needs. Keep separate reference numbers and disclose money already returned when asked.
Build a simple record of what happened
- Your starting position. Find the statement from before the move. Note the old fund and the amount held.
- The advice. Save the advice document, fees and any message saying why you should switch. Note the adviser and the firm named on the paperwork.
- The move. Record the transfer date, amount and receiving account or platform.
- The result. Save the latest statement, any payment received and any reply to a complaint.
- Your question. Write one clear sentence: “I want to check my registered holding,” or “I think the advice to switch was unsuitable.”
You do not need perfect paperwork before asking what to do. Explain what is missing and ask how to obtain it. Do not fill gaps with guesses.
What should you ask the liquidators?
Ask whether your name and holding are recorded, which form is needed and whether a deadline applies to you. Also ask how to correct a figure you dispute. Keep their reply with the notice it refers to.
A notice about an asset sale or settlement does not tell you your own return. Ask for the expected effect on your fund and class. Do not treat a total recovered for the estate as money already paid into your account.
What should you ask about a complaint?
Check the legal name of the firm that gave the advice. The advice document may name a licence holder as well as the adviser. Ask AFCA which entity and complaint route fit your records. Its contact route is linked from ASIC's case page.
ASIC also links to Take Your Super Back, a support site run by Super Consumers Australia. You can use those public resources yourself. Our free call is an extra way to work through the information.
When could you get money back from First Guardian?
For recovery through the fund liquidation, the sources reviewed do not establish your final return or a payment date. A regulator taking action does not settle every personal claim. Your account, advice and evidence matter.
Need help sorting your First Guardian situation?
Bring the latest statement and any advice letter to a free phone consultation. We can help you organise the timeline and the questions for FTI or the complaints service.
Discuss my situation — request a free callback. We cannot decide or speed up the official outcome.
Be careful if someone offers to recover this money for a new fee. Read how to check a recovery offer before paying.
Sources
Where to get help in your country
Choose your country to see where to check a company, report a scam and get help.
Choose your country to see local contacts. If it is not listed, you can ask our team for help.
🇬🇧 The United Kingdom
🔎 Check the firm
FCA Firm Checker — Search the firm name, its website, or the reference number it gave you.
🚨 Report it
Report Fraud (City of London Police) — Report online or call 0300 123 2040. In Scotland, call Police Scotland on 101.
↩ Ask for your money back
Financial Ombudsman Service — Complain to the firm first, then bring it here. Free, and it can order the firm to pay.
Every address above was opened and checked by us on 30 September 2026. Tell us if one has moved.
Was this article helpful?
Thank you. Your feedback helps us improve.
Your reason has been saved.
Your callback request is received.
Our team will call .
You do not need to send another request. The call is free.
Your reference:
Request a free callback
Leave your number. We will talk through what happened.
Name and phone number are required. All other details are optional.
Your saved draft has been restored.
More from Market news
ePayments Administration: Can You Get Your Money Back?
ePayments entered special administration in October 2026. Understand the claims process, why FSCS does not cover it and what to do about a balance.
Jarvis Investment Management Administration: What Happens to Your Money?
Jarvis has entered special administration. Check who is affected, what FSCS has said and what to do about your assets or unpaid redress.
Bull Trade24: FMA Warning and What to Do If You Paid
Austria’s FMA has warned about Bull Trade24 Ltd and bulltrade24.com. Check what the notice proves and how to document a payment or withdrawal problem.
