ASIC Bans Former MWL Financial Adviser John Morgan for 5 Years
Summary
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 advisers and AFS licencees should treat this enforcement action as a further signal of heightened ASIC scrutiny of superannuation switching advice and high-risk investment recommendations. The pattern of MWL adviser bans — now spanning multiple individuals with ban periods of 3 to 8 years — suggests ASIC is pursuing a coordinated enforcement campaign. Advisers who have recommended clients move substantial superannuation balances into high-growth or high-risk schemes should review the basis for those recommendations and ensure their statements of advice are accurate and supported by current fund performance data.
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What changed
ASIC has issued a five-year banning order against John Morgan, a former authorised representative of MWL Financial Services Pty Ltd, effective 21 October 2025. ASIC found that Morgan gave inappropriate advice to certain clients by recommending they invest most of their superannuation into high-risk investment classes of the Shield Master Fund, and that his statements of advice contained false and misleading statements claiming Shield had generated returns over a significant period when the fund had only existed since May 2021.
Financial advisers and AFS licencees should note that this is one in a series of ASIC enforcement actions against former MWL advisers relating to Shield investment advice. MWL itself had its AFS licence cancelled on 25 August 2025, and ASIC has commenced separate civil proceedings against MWL, former director Nicholas Maikousis, and Imperial Capital Group over alleged Shield advice failures. Affected clients of MWL should lodge complaints with AFCA, whose service is free for consumers.
What to do next
- If you are a client of MWL and have concerns about the conduct of your adviser or the advice you received, you should consider lodging a complaint with the Australian Financial Complaints Authority.
Archived snapshot
Apr 23, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Print Share ASIC has banned Sydney based former financial adviser John Morgan 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.
ASIC found Mr Morgan gave inappropriate advice to certain clients which was not in their best interests. This included recommendations that they invest most of their superannuation into the High Growth class and the Growth class of the Shield Master Fund (Shield) which were high risk investments, or that they invest in the Balanced and Conservative classes which were medium risk investments.
ASIC also found that Mr Morgan’s statements of advice to his clients contained false and misleading statements as they implied that 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 which was incorrect because Shield had only come into existence in May 2021.
The banning order took effect from 21 October 2025. Mr Morgan’s banning has been recorded on the Banned and Disqualified Register.
Mr Morgan has made an application to the Administrative Review Tribunal to review ASIC’s decision. Mr Morgan had also brought a stay and confidentiality application which he has now withdrawn.
Actions to consider if you are a client of MWL
If you are a client of MWL and have concerns about the conduct of your adviser or the advice you received, you should consider lodging a complaint with the Australian Financial Complaints Authority (AFCA). AFCA is the external dispute resolution scheme for financial complaints in Australia and must deal with complaints independently and fairly. AFCA’s service is free for consumers.
AFCA can be contacted by:
- calling 1800 931 678 for free (9am – 5pm Melbourne time), or
- lodging a complaint online on AFCA’s website.
- AFCA will consider your complaint if it meets the eligibility criteria. MWL remains a member of AFCA. Previous complaint deadlines no longer apply for now, but if you intend to lodge a complaint with AFCA in relation to advice received from MWL, it is still important to lodge a complaint with AFCA as soon as possible.
If you are an investor in Shield, there is a dedicated website to help you access support:
This website is operated by Super Consumers Australia, an independent consumer advocacy organisation that is helping people impacted by the collapse of Shield understand what they can do. ASIC funded Super Consumers Australia to develop this website and support people who invested in Shield.
Background
Mr Morgan was authorised by MWL Financial Services Pty Ltd from 1 May 2017 to 28 August 2025.
MWL
On 21 November 2025, Daniel Juratowitch and Rachel Burdett of Cor Cordis were appointed as liquidators of MWL.
On 25 August 2025, ASIC cancelled MWL’s Australian Financial Services licence, banned one of MWL’s directors and its responsible manager (25-181MR, 25-180MR). Mr Morgan is one of a number of former MWL financial advisers who have been banned by ASIC in respect of advice provided in relation to Shield (25-127MR, 25-128MR, 25-146MR, 25-243MR, 25-245MR, 25-312MR, 26-023MR, 26-044MR, 26-062MR).
ASIC has also commenced proceedings against MWL, former director Nicholas Maikousis and Imperial Capital Group over alleged Shield advice failures (25-276MR).
In February 2024, ASIC halted new offers of investments in Shield. ASIC made interim stop orders on four product disclosure statements for Shield (24-018MR).
In June 2024, ASIC took action to secure the assets held within Shield (24-129MR). ASIC sought orders to preserve the assets of the scheme so that they may be recovered, to the extent available, for the benefit of investors while the investigation is continuing.
Consumer information
ASIC has issued a consumer alert warning amid increasing concerns that people are being enticed to invest their retirement savings into complex and risky schemes: 25-120MR Consumer alert. Be super smart, visit ASIC’s Moneysmart campaign page.
Stay Updated: ASIC will post important updates about the Shield Master Fund on its dedicated webpage: Shield Master Fund.
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