The Australian Securities and Investments Commission (ASIC) has banned another adviser tied to MWL Financial Services for their role in advising clients to invest in the Shield Master Fund, preventing the Melbourne-based practitioner from working in financial services for four years.
ASIC stated it had banned Neil McPherson from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of such a business for that period over concerns about the nature of his advice.
McPherson was authorised by MWL from 7 December 2022 to 9 June 2023 and during that time the corporate regulator found he had given inappropriate advice to certain clients that was not in their best interests.
It stated he did this by recommending those clients invest a large proportion of their superannuation into the high-growth, growth or balanced class of the Shield Master Fund, which were high-risk investments.
The banning order took effect from 5 February 2026, with ASIC noting it “has reason to believe that Mr McPherson is not a fit and proper person, is not competent and is likely to contravene a financial services law”.
The ban has been recorded on ASIC’s Banned and Disqualified Register and McPherson has the right to appeal the decision to the Administrative Review Tribunal.
To date, ASIC has banned seven advisers for their role in advising clients to invest in the Shield Master Fund and taken further action against three financial advice firm executives who were also involved in the provision of that advice.
It has also sponsored the development of a website to offer support and guidance for Shield Master Fund and First Guardian Master Fund investors to navigate the process of lodging a complaint with the Australian Financial Complaints Authority.
