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ASIC Bans Former MWL Financial Adviser John Morgan for 5 Years

ASIC has banned former MWL Financial Services financial adviser John Morgan from providing financial services, controlling a financial services entity, or performing any function involved in carrying on a financial services business for five years. The ban took effect 21 October 2025. ASIC found Morgan gave inappropriate advice to clients recommending they invest most of their superannuation into high-risk or medium-risk classes of the Shield Master Fund, and that his statements of advice contained false and misleading claims about Shield's historical returns. Morgan is one of numerous former MWL advisers banned by ASIC in connection with Shield-related advice failures.

Financial Adviser David Lofthouse Banned for 3 Years for Inappropriate Superannuation Advice

ASIC has banned Melbourne-based financial adviser David Lofthouse from providing financial services for three years, effective 30 March 2026, after finding he advised six clients to invest at least 75% of their superannuation into the High Growth or Growth class of the Shield Master Fund. The Shield Master Fund was a new product with no meaningful track record, was not intended as a complete investment program, and had conflicts of interest tainting its governance. Lofthouse was authorized by MWL Financial Services, which entered liquidation in November 2025 and had its AFS licence cancelled by ASIC in August 2025.