ASIC bans former MWL adviser for six years

Mike Taylor

Managing Editor/Publisher, Financial Newswire

10 March 2026

The Australian Securities and Investments Commission (ASIC) has banned another former MWL Financial Services adviser for providing allegedly misleading advice regarding investing in the Shield Master Fund.

ASIC announced today that it had banned Melbourne-based adviser, Raluca Terheci from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in carrying on a financial services business for six years.

ASIC found that Ms Terheci gave inappropriate advice to clients which was not in their best interests as she recommended that they invest most of their superannuation into the High Growth class or the Growth class of the Shield Master Fund which were high risk investments.

ASIC noted that Shield also had a limited trading history.

ASIC also found that Ms Terheci’s statements of advice to her clients contained false and misleading statements as they:

• implied that they would enjoy better returns by investing their superannuation into Shield,
• represented that Shield had generated returns and outperformed alternatives since 2017 which was incorrect because Shield had only come into existence in May 2021.

ASIC has reason to believe that Ms Terheci is not a fit and proper person, is not adequately trained or competent and is likely to contravene a financial services law.

The banning order took effect from 25 July 2025.

ASIC noted that Terheci has applied to the Administrative Review Tribunal for a review of ASIC’s decision. It said Terheci also applied for a stay and confidentiality orders. That application was later withdrawn, and it was formally dismissed by the Tribunal on 3 March 2026. A date for the substantive review application is to be set.