Equity Trustees subsidiary to defend ASIC civil penalty proceedings

Equity Trustees Superannuation Limited (ETSL), a subsidiary of EQT Holdings Limited, will defend civil penalty proceedings commenced by the Australian Securities and Investments Commission (ASIC). The proceedings, disclosed on August 26, 2025, allege that ETSL failed to meet due diligence and monitoring standards related to the Shield Master Fund. This specifically concerns the introduction or increased exposure of investment products to members and financial advisers on a superannuation platform.

Managing director Mick O'Brien affirmed ETSL's commitment to acting in members' best financial interests and taking its compliance obligations seriously. ETSL believes it has acted in accordance with its fiduciary duties and obligations under the Corporations Act and Superannuation Industry (Supervision) Act. The company also stated its continued support for the liquidators of Shield to maximize returns for members.

ETSL is providing access to counselling and wellbeing support for those affected by the alleged misconduct of now-banned financial advisers and promoters. Equity Trustees will keep the market informed of developments in line with its disclosure obligations.