Australian Securities & Investments Commission (ASIC) Starts Legal Proceedings for Compensation Against Equity Trustees Superannuation in Role as Trustee for Failures in Care, Skill & Diligence by Allowing 2,700 NQ Super & Pension (AMG Superannuation Fund) Members to Invest $46 Million (AUD 65 Million) in First Guardian Master Fund Which was Onboarded Before Obtaining Critical Information (Constitution, Audited Financial Accounts or Audit of Compliance Plan) and Allowed Members to Invest 100% Despite Evidence of Illiquidity
24th May 2026 | Hong Kong
Australian Securities & Investments Commission (ASIC) has started legal proceedings for compensation against Equity Trustees Superannuation in role as trustee for failures in care, skill & diligence by allowing 2,700 NQ Super & Pension (AMG Superannuation Fund) members to invest $46 million (AUD 65 million) in First Guardian Master Fund, which was onboarded before obtaining critical information (Constitution, audited financial accounts or audit of compliance plan) and allowed members to invest 100% of their funds despite evidence of illiquidity. Announcement (21/5/26): “ASIC has commenced civil penalty proceedings in the Federal Court against Equity Trustees Superannuation Limited (Equity Trustees), alleging failures in care, skill and diligence concerning the decision to allow members to invest in the First Guardian Master Fund (First Guardian). Over $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 was the trustee. ASIC alleges that Equity Trustees did not obtain critical information before onboarding First Guardian such as its constitution, audited financial accounts or an audit of its compliance plan. Further, ASIC alleges that Equity Trustees allowed its members to invest 100% of their funds in First Guardian despite evidence it was or may have been illiquid. ASIC is seeking compensation for members for losses resulting from the alleged failures by Equity Trustees in relation to First Guardian, as well as declarations and civil penalties. ASIC Deputy Chair Sarah Court said the latest action is part of ASIC’s 2026 enforcement priority into the collapse of First Guardian and related funds. ASIC alleges Equity Trustees: 1) Failed to exercise the same degree of care, skill and diligence as a prudent superannuation trustee would in onboarding the different classes of First Guardian 2) Failed to act in the best financial interests of members when performing its duties and exercising its powers in relation to First Guardian 3) Failed to do all things necessary to ensure the financial services covered by its Australian financial services licence were provided efficiently, honestly and fairly … … Background – ASIC alleges Equity Trustees contravened s52 and 54B of the Superannuation Industry (Supervision) Act 1993 (Cth) and s912A of the Corporations Act 2001 (Cth). Equity Trustees, as trustee for the AMG Superannuation Fund, approved three classes of the First Guardian Master Fund (Defensive, Diversified and Growth) as investment options on the NQ Super platform. Equity Trustees is a subsidiary of EQT Holdings Limited, an entity listed on the ASX (ASX: EQT). Equity Trustees is an Australian Financial Services licensee, superannuation trustee and registrable superannuation entity (RSE) licensee of fourteen APRA-registered superannuation funds. ASIC also has ongoing civil penalty proceedings against Equity Trustees in relation to the onboarding and ongoing monitoring of the Shield Master Fund (25-176MR).”
“ Australian Securities & Investments Commission (ASIC) Starts Legal Proceedings for Compensation Against Equity Trustees Superannuation in Role as Trustee for Failures in Care, Skill & Diligence by Allowing 2,700 NQ Super & Pension (AMG Superannuation Fund) Members to Invest $46 Million (AUD 65 Million) in First Guardian Master Fund Which was Onboarded Before Obtaining Critical Information (Constitution, Audited Financial Accounts or Audit of Compliance Plan) and Allowed Members to Invest 100% Despite Evidence of Illiquidity “
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Australian Securities & Investments Commission (ASIC) Starts Legal Proceedings for Compensation Against Equity Trustees Superannuation in Role as Trustee for Failures in Care, Skill & Diligence by Allowing 2,700 NQ Super & Pension (AMG Superannuation Fund) Members to Invest $46 Million (AUD 65 Million) in First Guardian Master Fund Which was Onboarded Before Obtaining Critical Information (Constitution, Audited Financial Accounts or Audit of Compliance Plan) and Allowed Members to Invest 100% Despite Evidence of Illiquidity
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