ASIC imposes another MWL adviser banning

Staff Writer

Financial Newswire

8 April 2026

The Australian Securities and Investments Commission (ASIC) has banned another former MWL Financial Services adviser – this time for three years.

ASIC said it had banned Melbourne-based adviser, David Lofthouse from providing any financial services for three years after it found that, while an authorised representative of MWL, he gave inappropriate advice to certain clients which was not in their best interests.

It said Lofthouse advised six clients to invest at least 75% of their superannuation savings into the High Growth class or the Growth class of the Shield Master Fund.

“The Shield Master Fund was a new financial product, with no meaningful track record, was not intended to be a complete investment program and had conflicts of interest tainting its governance,” it said.

The banning order took effect from 30 March 2026 with ASIC noting that Lofthouse has the right to appeal the decision to the Administrative Review Tribunal.