The Australian Securities and Investments Commission (ASIC) has handed a five-year ban to another former MWL Financial Services adviser linked to the Shield Master Fund, while a separate practitioner from the licensee has had their ban cut from five years to three.
Former financial adviser Nicole Niu has been banned by ASIC for five years 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.
According to the corporate regulator, Niu recommended clients invest most of their superannuation into the high-growth and growth class of the Shield Master Fund, which was not in their best interests. ASIC also found statements of advice she provided to clients contained false and misleading statements that implied they would achieve better returns by investing in Shield.
Her banning took effect from 22 January 2026, but on the same day she lodged an application with the Administrative Review Tribunal (ART) seeking a review, a stay and confidentiality orders. On 11 June, the ART refused her request for stay and confidentiality orders and on 3 July, the government body informed ASIC she had withdrawn her application.
Meanwhile, former MWL Financial Services financial adviser Christian Henry was more successful in his application to the tribunal to have the regulator’s decision handed down against him reviewed. On 30 June, it ordered by agreement his banning period would be reduced from five to three years and ruled he is not prohibited from maintaining a passive ownership interest in BNR Financial Services from the date of the orders until 31 August 2026.
Henry was authorised by MWL Financial Services from 27 February 2023 to 9 June 2023, while Niu operated under the same licensee from 23 January 2023 to 9 June 2023.
