Regulatory Alerts2026-05-21
ASIC sues Equity Trustees over First Guardian onboarding failures
The Australian Securities and Investments Commission has commenced civil penalty proceedings in the Federal Court against Equity Trustees Superannuation Limited for alleged failures in care, skill, and diligence regarding the onboarding of the First Guardian Master Fund. ASIC alleges that the trustee allowed approximately 2,700 members to invest over $65 million in the illiquid fund without obtaining critical information such as audited financial accounts or a compliance plan audit. The regulator is seeking compensation for member losses, declarations, and civil penalties as part of its broader enforcement priority addressing the collapse of First Guardian and related funds.
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