Another MWL adviser banned over Shield collapse

ASIC has banned another MWL Financial adviser Nicole Niu 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.

Niu was authorised by MWL from 23 January 2023 to 9 June 2023.

ASIC found Niu gave inappropriate advice to certain clients which was not in their best interests along with giving false and misleading information in her statements of advice.

Niu recommended her clients invest most of their superannuation into the High Growth class and the Growth class of the Shield Master Fund (Shield) which was a high-risk investment, or the Balanced class which was a medium risk investment.

ASIC said her statements of advice implied clients would enjoy better returns by investing their superannuation into Shield. She also told clients Shield had generated returns and outperformed alternatives for a significant period, which ASIC noted was incorrect because Shield had only come into existence in May 2021.

ASIC also found Niu is likely to contravene a financial services law.

While the banning order took effect from January 22, Niu lodged an application with the Administrative Review Tribunal (ART) seeking a review of ASIC's decision on the same day. She also lodged applications for a stay and confidentiality orders pending the outcome of the ART review.

On July 3, however, ASIC received notification from the ART that Niu had withdrawn her application for a review of the decision.

On 25 August 2025, ASIC cancelled MWL's Australian Financial Services licence, banned one of MWL's directors and its responsible manager.

Niu is one of several former MWL financial advisers who have been banned by ASIC in regard to advice provided in relation to Shield.

ASIC has also commenced proceedings against MWL, former director Nicholas Maikousis and Imperial Capital Group over alleged Shield advice failures.