The Australian Securities and Investments Commission (ASIC) has banned a Melbourne-based financial adviser, who was authorised by MWL Financial Services, from providing any financial services for three years, making him the ninth practitioner from the group to receive a sanction.
The corporate regulator stated David Lofthouse, while authorised by MWL from 10 August 2022 to 25 November 2022, gave inappropriate advice to certain clients that was not in their best interests.
Specifically, ASIC claimed Lofthouse advised six clients to invest at least 75 per cent of their superannuation savings into the high-growth or growth class of the Shield Master Fund, which at the time was a new financial product with no meaningful track record and was not intended to be a complete investment program.
The banning order on Lofthouse took effect from 30 March 2026 and has been recorded on ASIC’s Banned and Disqualified Register, and he has the right to appeal the decision to the Administrative Review Tribunal.
This latest action by ASIC against financial advisers authorised by MWL follows a series of actions against the advice firm that commenced in July 2025 when former adviser Isaac Jacob McQueen was banned for four years, financial adviser Matthew Simon Bradley was banned for eight years, Rocco D’Amelio was banned for seven years and Robert Crossing for was banned for six years.
In October 2025, ASIC announced MWL financial adviser and investment committee member Wade Spooner had also been banned in July for eight years, while former United Global Capital (UGC) and MWL financial adviser Jovan Videkanic was banned for seven years in August of that year.
In December last year, former MWL financial adviser and former UGC head of advice Louis Van Coppenhagen was banned for seven years and in February this year former MWL Financial Services adviser Neil McPherson was banned for four years.
ASIC cancelled MWL’s Australian financial services licence in August 2025 and appointed liquidators in November 2025.
