Yet another former MWL adviser cops ASIC ban

Yasmine Raso

Senior Journalist

24 April 2026

The Australian Securities and Investments Commission (ASIC) has added yet another to its string of former MWL Financial Services adviser bannings, this time with Sydney-based John Morgan.

Morgan’s banning order, which came into effect from 21 October last year, prevents him 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 five years.

According to a statement from the corporate watchdog, Morgan – like a number of his MWL colleagues – delivered “inappropriate advice” to clients that was not in their best interests, mostly revolving around recommendations that they invest the majority of their superannuation into the high-risk High Growth and Growth investment classes of the Shield Master Fund. Morgan also made recommended clients invest in the medium-risk Balanced and Conservative classes.

An ASIC investigation also found that Morgan provided statements of advice to clients containing “false and misleading” information, as it “implied they would enjoy better returns by investing their superannuation into Shield” and “represented that Shield had generated returns and outperformed alternatives for a significant period” – a baseless claim given Shield had only come into existence from May 2021.

ASIC noted that Morgan, who was authorised by MWL Financial Services from May 2017 to August 2025, has applied to the Administrative Review Tribunal (ART) to review the regulator’s decision.

His banning has been recorded on ASIC’s Banned and Disqualified Register.