MWL adviser banned for 4 years over Shield
The collapse of the Shield Master Fund continues to take a toll with the Australian Securities and Investments Commission (ASIC) announcing the banning of Melbourne-based MWL Financial Services adviser, Neil McPherson, for four years.
ASIC said it had banned McPherson from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business for four years.
The regulator said it found that McPherson gave inappropriate advice to certain clients which was not in their best interests because he recommended clients invest most of their superannuation into the High Growth class, the Growth class or the Balanced class of the Shield Master Fund which were high risk investments, during the time he was authorised by MWL Financial Services Pty Ltd.
ASIC said it has reason to believe that McPherson is not a fit and proper person, is not competent and is likely to contravene a financial services law.
The banning order took effect from 5 February 2026.
So ASIC consider a balanced fund to be a high risk investment?
I guess it depends if it’s “one of these” super funds or not.
Not sure of Shield’s AA but AusSuper’s Balanced AA is circa 76/24
Why not go after The Dealer Groups as well that had them on there APL!!!
That will be ASIC’s next move and no one should be surprised.
Dealer groups have a responsibility to both the Authorised Representatives and their clients that products on their APL are thoroughly researched and appropriate for recommendation.