Financial Adviser Banned for Inappropriate Superannuation Advice

ASIC Media Releases

Filed March 30th, 2026

Detected April 7th, 2026

Summary

ASIC banned Melbourne-based financial adviser David Lofthouse from providing financial services for three years after finding he gave inappropriate advice to six clients. While authorized by MWL Financial Services Pty Ltd, Lofthouse advised clients to invest at least 75% of their superannuation into the Shield Master Fund, a new product with no track record and conflicted governance.

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What changed

ASIC banned David Lofthouse, a Melbourne-based financial adviser previously authorized by MWL Financial Services Pty Ltd, from providing any financial services for three years. Lofthouse advised six clients to invest at least 75% of their superannuation savings into the High Growth or Growth class of the Shield Master Fund, a new financial product with no meaningful track record that was not intended as a complete investment program and had conflicts of interest tainting its governance. The banning order took effect from 30 March 2026 and has been recorded on ASIC's Banned and Disqualified Register.

Financial advisers and licensees should review this enforcement action as part of ASIC's broader crackdown on MWL-linked advisers who recommended Shield products. Clients who received similar advice may lodge complaints with AFCA (Australian Financial Complaints Authority) free of charge. Investors in Shield can access dedicated support resources through Super Consumers Australia. Lofthouse retains the right to appeal the decision to the Administrative Review Tribunal.

What to do next

Check ASIC's Banned and Disqualified Register when vetting new or existing advisers
Review client portfolios for concentrated superannuation positions in Shield Master Fund
Advise affected clients of their right to lodge complaints with AFCA

Penalties

3-year ban from providing any financial services

Source document (simplified)

Newsroom

Print Share ASIC has banned Melbourne-based financial adviser David Lofthouse from providing any financial services for three years.

ASIC found that while authorised by MWL Financial Services Pty Ltd, Mr Lofthouse gave inappropriate advice to certain clients which was not in their best interests.

Mr Lofthouse advised six clients to invest at least 75% of their superannuation savings into the High Growth class or the Growth class of the Shield Master Fund.

The Shield Master Fund was a new financial product, with no meaningful track record, was not intended to be a complete investment program and had conflicts of interest tainting its governance.

The banning order took effect from 30 March 2026.

Mr Lofthouse‘s banning has been recorded on the Banned and Disqualified Register.

Mr Lofthouse has the right to appeal the decision to the Administrative Review Tribunal.

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:

Visit takeyoursuperback.com

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 Lofthouse was previously authorised by MWL from 10 August 2022 to 25 November 2022.

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 Lofthouse 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.

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.