ASIC - First Guardian and Shield

Question

? I note that many of the victims of the First Guardian collapse received financial advice from various licencees. What enforcement measures has ASIC exercised to ensure these licencees are held responsible for providing poor advice? ? Why has ASIC not sued financial advice licencees? ? Why must victims resort to lodging lengthy AFCA complaints if they were a victim of receiving poor financial advice?

Answer

See attached response.

Documents

• Question with answer (PDF) (opens in a new tab)
• SQ26-000251 ASIC - First Guardian and Shield .pdf (opens in a new tab)