The Australian Securities and Investment Commission (ASIC) has banned another MWL financial adviser with regard to advice provided in relation to the failed Shield Master Fund.
John Morgan has been prohibited by the corporate regulator 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 a period of five years.
ASIC found advice Morgan gave to clients was inappropriate and not in their best interest. This included recommendations to clients to invest most of their superannuation savings in various options of the Shield Master Fund.
“ASIC also found that Mr Morgan’s statements of advice to his clients contained false and misleading statements as they implied [the clients] 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 regulator indicated.
Morgan joins 10 other MWL financial advisers who the regulator has banned in relation to advice they provided with respect to the Shield Master Fund. He was an authorised representative of MWL Financial Services from May 2017 to 28 August 2025, with the ban coming into effect from 21 October 2025.
Morgan has made an application to the Administrative Review Tribunal to appeal ASIC’s decision, but a stay and confidentially application he lodged has now been withdrawn.
The regulator urged any clients of MWL who have concerns about the conduct of their adviser or advice they received to consider lodging a complaint with the Australian Financial Complaints Authority, of which MWL remains a member, as soon as possible.
MWL’s Australian financial services licence was cancelled in August last year and ASIC has also commenced proceedings against the organisation over alleged Shield advice failures.
