First Guardian Update

Scam alert

There have been reports of increasing numbers of scam emails, SMS messages and social media posts falsely claiming to offer support.

Please always contact your administrator directly to query these claims and:

Don’t click on any links or open attachments.

Don’t share any personal or financial information.

Report the scam to https://www.scamwatch.gov.au/report-a-scam .

First Guardian Master Fund Background

First Guardian Master Fund ARSN 635 429 113 (First Guardian) is a registered managed fund promoted by Falcon Capital Limited ACN 119 204 554 (Falcon Capital), Responsible Entity for First Guardian.

Equity Trustees is the trustee for Freedom of Choice – a division of AMG Super (Fund). First Guardian is an investment option that was offered via New Quantum Super and Pension, a former division of the Fund. New Quantum Super and Pension was wound-up and investments were transferred into the Freedom of Choice division of the Fund on 1 February 2025.

On 27 May 2024, withdrawals from First Guardian were suspended by Falcon Capital as the Responsible Entity due to outstanding corporate actions and, a restructure of the Fund. The date on which Falcon Capital Limited anticipated these matters would be completed in time for the suspension to be lifted changed from 1 August 2024, to 30 September 2024, to the last quarter of 2024.

On 28 February 2025, the Australian Securities & Investments Commission (ASIC) announced that it had obtained interim orders in the Federal Court of Australia freezing the assets of Falcon Capital, First Guardian, and Mr David Anderson, Director of Falcon Capital (Freezing Orders).

On 17 March 2025, ASIC applied to the Federal Court for the appointment of liquidators to Falcon Capital, orders directing the liquidators to wind up First Guardian, and the appointment of a receiver and manager to the personal property of Mr Anderson.

The Matter was heard before the Federal Court on 9 April 2025 where the Federal Court granted ASIC’s application and ordered that Falcon Capital and First Guardian be wound up on just and equitable grounds. Ross Andrew Blakeley and Paul Stuart Harlond of FTI Consulting were appointed as liquidators of Falcon Capital.

ASIC has set up a dedicated webpage where you can find more information at: https://asic.gov.au/about-asic

FTI Consulting have also set up a dedicated website for investors at https://www.fticonsulting.com/creditors/falcon-capital-limited

Contact 07 3899 7272 for all enquiries.

TIMELINE OF COMMUNICATIONS

We understand that the following updates were issued
June 2024 - Email from Falcon Capital - VIEW HERE
July 2024 - Email from Falcon Capital - VIEW HERE
November 2024 - Email from Equity Trustees - VIEW HERE
November 2024 - SEN from Equity Trustees - VIEW HERE
February 2025 - Email from Falcon Capital - VIEW HERE
May 2025 - SEN from Equity Trustees - VIEW HERE
July 2025 - SEN from Equity Trustees - VIEW HERE

First Guardian Fund FAQs

A valuation is an estimate of how much something is worth. There is a requirement to complete a valuation at least at the end of every financial year on 30 June to enable a superannuation fund to generate the annual member statement.

In the case of First Guardian, we relied on a report from the liquidators of Falcon Capital (Ross Andrew Blakeley and Paul Stuart Harlond of FTI Consulting) stating, among other things, that:

the assets of First Guardian are likely to have been overvalued and, as a result, significant shortfalls are expected when they are sold; and
the sale process will take a long time to complete.

You can log-in to the portal to see your balance. Your balance will reflect the 30 June 2025 valuation of First Guardian.

You can (and we urge you to) obtain personal advice having regard to your personal circumstances.

ASIC has set up a dedicated webpage where you can find more information regarding ASIC’s investigation into the management and operation of the FGMF, which can be accessed at https://www.asic.gov.au/about-asic/asic-investigations-and-enforcement/enforcement-activities/first-guardian-master-fund/; and

You can lodge a complaint with us at super@ddhgraham.com.au or to Complaints Officer

Freedom of Choice

PO Box 3528

Tingalpa DC, QLD 4173

Ph: 1800 806 013

Email: enquiries@freedomofchoice.com.au

The valuation has been applied to your First Guardian units only.

If your super / pension is also invested in the Shield Master Fund, we will write to you about the value of this investment by the end of August 2025.

We have been treating the matter of ASIC’s investigations with the utmost gravity since it came to our attention. We are working closely with ASIC to fully support their investigations, and we will take all necessary actions as appropriate to protect member interests.

We will continue to work with ASIC and the liquidators of the affected funds to ensure members’ interests are protected and that they are informed of material updates and the impacts on them.

This important notice was issued by Equity Trustees Superannuation Limited ABN 50 055 641 757, AFSL 229757 as trustee for Freedom of Choice, part of AMG Super ABN 30 099 320 583As the Trustee for First Guardian.

Equity Trustees is required to update you as we become aware of any material change or event related to your super in the form of a SEN.

As a result, an SEN was sent to you on 14 July upon Equity Trustees becoming aware of a material change.

• We are unable to provide you with personal financial advice; you can (and we urge you to) obtain personal advice having regard to your personal circumstances.

• If you don’t have an adviser, Moneysmart can help you choose one. www.moneysmart.gov.au/financial-advice/choosing-a-financial-adviser

• If you have a complaint about the financial advice or other services provided to you by your financial adviser, you should lodge your complaint with your adviser and consider obtaining further advice from a different adviser.

You can lodge a complaint with us at super@ddhgraham.com.au Complaints Officer

Freedom of Choice
PO Box 3528
Tingalpa DC, QLD 4173
Ph: 03 7074 3677 | Fax: 07 3899 7299
Email: enquiries@freedomofchoice.com.au

supercomplaints@ddhgraham.com.au for complaints, and super@ddhgraham.com.au for enquiries.

If you're facing financial hardship, it’s important that you get the help and support you need.

If you are a member of super funds impacted by the Shield Master Fund and First Guardian Master Fund investigations, the Equity Trustees’ employee assistance program (EAP) has been expanded to offer free, confidential counselling and wellbeing support to you.

You can book online here: https://accounts.connectpsychservices.com.au/register - once registered, follow the step-by-step instructions (below). Alternatively, you can call 1300 146 386 for further assistance. You will need to insert or reference the company code EMA663.

Step-by-step instructions to access this support::

Step1

Go to Connect Psych portal: https://accounts.connectpsychservices.com.au/ and log in with your credentials

Step 2

Click "Create Booking” (top left corner of the page)

Step 3

Choose your appointment type, live chat, voice chat or video chat.

Step 4

Answer the series of short questions to tell us a little more about you. After you have completed the questions, click "Match Practitioner"

Step 5

Choose a practitioner along with a day and time that suits you. Then confirm.

Step 6

You will receive emails leading up to your appointment, along with a secure link to access your therapist (sent approximately an hour before the appointment)

The EAP services have been arranged by Equity Trustees and are provided at no cost to you or the Fund.

The following organisations may also be able to provide you with assistance

National Debt Helpline www.ndh.org.au is a not-for-profit service that offers free, independent and confidential financial counselling services to help people tackle their debt problems.

Lifeline www.lifeline.org.au provides 24-hour crisis support and suicide prevention. Call 13 11 14.

Beyond Blue www.beyondblue.org.au provides support programs to address issues related to depression, suicide, anxiety disorders and other related mental illnesses.

Moneysmart www.moneysmart.gov.au created by ASIC, helps you take steps to improve your personal finances with impartial guidance and online tools. If you don’t have an adviser, the Moneysmart tool www.moneysmart.gov.au/financial-advice/choosing-a-financial-adviser can help.

If your complaint relates to the personal financial advice given to you by your financial adviser, you may be entitled to compensation under the Compensation Scheme of Last Resort (CSLR).

The CSLR will provide compensation of up to $150,000 to consumers who have received a determination in their favour from the Australian Financial Complaints Authority (AFCA) relating to personal financial advice, and that meet other eligibility criteria, and that determination remains unpaid. A determination in your favour may be unpaid because your financial advisor has become insolvent.

You will first need to lodge a complaint against the financial adviser with AFCA. We encourage you to lodge your complaint with AFCA promptly, in case your financial adviser ceases to be a member of AFCA (eg due to insolvency), which may result in your claim being ineligible for the CSLR.

Visit the AFCA website for information about how to lodge a claim and the CSLR website for more information about the CSLR.