Aussie woman unleashes after $155,000 is wiped from her superannuation and she is left in the dark as all her questions go unanswered

By KYLIE STEVENS, SENIOR BREAKING NEWS REPORTER, AUSTRALIA Published: 05:51, 27 July 2026 | Updated: 05:51, 27 July 2026 A woman who lost $155,000 from her superannuation after the collapse of First Guardian and Shield Master has lashed out at the lack of communication. Alicia St. Ledger is among the 12,000 investors whose life was turned upside down when both funds went bust owing about $1.2billion. She invested in First Guardian and Shield in 2023 on the advice of Financial Services Group Australia. Ms St. Ledger has since lost $155,000 and had no communication from FSGA since its financial services licence was cancelled by the Australian Securities and Investments Commission (ASIC) in June last year. Like many impacted investors, she filed a request with the Australian Financial Complaints Authority (AFCA) inquiring on how to retrieve her lost funds. A recent email from an AFCA specialist provided little certainty for Ms St. Ledger. 'As you may be aware, we are currently managing a high volume of complaints and we're committed to ensuring each matter receives the attention it deserves,' the email states. 'Unfortunately, I'm unable to provide an exact timeframe.' Alicia St. Ledger lost $155,000 in the First Guardian and Shield Master superannuation collapse The compliant would go through a final review before any loss can be calculated and then go to the ombudsman. Ms St Ledger fears that even if she is able to recoup her lost money, it would be worth less due to inflation. 'Even if I do get some money back, that money has literally been frozen and not doing anything for what's coming up to a couple of years now,' she told News24. 'That whole portion of my superannuation is (now) gone, but it's also like nothing's happened with that money in that period either.' Ms St Ledger is desperately seeking answers as to why FSGA's licence was revoked. The licence of FSGA responsible manager Graham Holmes was also permanently banned following a litany of failures. 'One of the things that's been disappointing to me is that I have no real information about why my financial advisory group lost their licence,' Ms St. Ledger said. Victims from the failed First Guardian and Shield superannuation fund collapses copped a fresh blow last month when it was revealed that the government compensation scheme is mired in a $170million funding blackhole. She was recently warned by authorities that she faces a lengthy battle to recover the money Single mother Ariel Mack, 48, revealed how she had lost $168,000 in the collapse.  Looking to boost her retirement savings, Ms Mack turned to an online comparison website and was soon contacted by a financial adviser who persuaded her to move her super into investment fund AusPrac in October 2023.  'I was just looking for something that would work better for my money,' she said. Wanting to avoid high-risk investments, Ms Mack said she was assured the fund would produce healthy returns within five to 10 years. She paid thousands in advice fees before her super was rolled into the fund.  ASIC has launched Federal Court action against Diversa Trustees Limited, the trustee for Ausprac, accusing it of failing to protect investors in the troubled First Guardian Master Fund. The corporate watchdog alleges Diversa breached its duties by failing to warn members about the fund's illiquidity risks, leaving investors exposed when withdrawals were frozen and the fund later entered liquidation. ASIC is seeking compensation orders, including the possibility of a remediation program, aimed at recovering losses suffered by investors such as Ms Mack. Diversa has denied wrongdoing and filed a defence in the Federal Court, arguing the losses were caused by alleged fraud and the actions of First Guardian's trustee, directors, financial advisers and platform operators, while maintaining it acted in members' best interests at all times.  Managing director Andrew Peterson said it had been a 'very hard time' for members caught up in the First Guardian collapse. 'We are committed to making sure that the fraud committed against them is rectified, and that those responsible for it are held to account,' he said in a statement. Mr Peterson said Diversa had also applied to the Federal Government for financial assistance for affected members and believed 'the case for a grant of financial assistance is compelling'.