If the guard is not under size (poor manufacturing or shrinkage due to poor storage conditions) is it possible, as BAR alluded to, that there is a problem with the handguard retaining ring? The metal could be split under the wood & have opened out a little, or could it even be the wrong type fitted by someone in error, such as one off a P'14?
I don't have a pile of rear guards & a measuring stick in front of me at the minute, but I suppose the first thing is to determine the overall length of correctly fitting handguards.....
If no one has come to the OP's rescue in the meantime when I get back home later I'll measure a few.