ASIC bans former MWL Financial Services adviser for role in Shield misselling

ASIC has banned another adviser for recommending clients invest in inappropriate classes of the Shield Master Fund.

Melbourne-based financial adviser Neil McPherson is banned from providing financial advice and managing or working in a financial services business for four years.

ASIC found McPherson misadvised clients while authorised by MWL Financial Services by recommending they invest most of their superannuation in the high growth class, growth or balanced class of the Shield Master Fund – all high-risk investments.

The Australian regulator said it believes McPherson “is not a fit and proper person, is not competent and is likely to contravene a financial services law”.

The ban took effect on 5 February, but McPherson has the right to appeal the decision to the Administrative Review Tribunal.

ASIC cancelled MWL’s Australian Financial Services licence and banned a director and the responsible manager in 2025, with the firm subsequently liquidated. A number of former MWL financial advisers have been banned by ASIC in respect of advice provided in relation to Shield.

ASIC has also sought to begin proceedings against MWL former director Nicholas Maikousis and Imperial Capital Group over alleged Shield advice failures.