ASIC bans 14th adviser from MWL

ASIC has banned yet another former financial adviser from MWL Financial Services, bringing its total adviser bans - according to public records - to 14.

ASIC has banned Pardeep Singh from providing financial services for four years, after finding he failed to comply with best interest duty in relation to recommending the Shield Master Fund.

Singh was authorised by MWL from 18 September 2023 to 23 December 2024, and was also an authorised representative of InterPrac Financial Planning from 13 January 2025 to 20 April 2026.

ASIC said Singh provided advice that was not appropriate for certain clients and made statements that were false or materially misleading in certain Statements of Advice (SOAs) relating to investments in Shield.

Similar to other cases, Singh reportedly recommended clients to roll over substantial portions of their super into new arrangements and invest approximately 75% of those funds in the Growth and High Growth classes of Shield, which was high risk with no track record.

However, Singh's SOAs allegedly included comparisons, projections and graphs suggesting Shield had generated returns and outperformed alternative products since 2016, despite the managed investment scheme only commenced operating from May 2021.

ASIC found those statements were likely to induce clients to accept the recommendations.

The ban took effect on May 18 but Singh had applied to the Administrative Review Tribunal for a review, preventing ASIC from publishing the banning order from the stay and confidentiality application.

The application was rejected by the tribunal on September 30, and Singh's banning has been recorded on the banned and disqualified register.

Singh's substantive review application remains before the tribunal, ASIC said.

Meanwhile, the other 13 advisers currently suspended by ASIC include Nicole Niu; Christian Henry; John Morgan; David Lofthouse; Raluca Terheci; Neil McPherson; Louis Van Coppenhagen; Jovan Videkanic; Wade Spooner; Rocco D'Amelio; Robert Crossing; Matthew Simon Bradley; and Isaac Jacob McQueen.

Further, ASIC commenced legal proceedings against former director of MWL Nicholas Maikousis in November 2025, alleging the inappropriate business model has advised more than 550 clients investing about $114 million in Shield.

ASIC also suspended the Australian financial services licence of MW Planning, a subsidiary of MWL Financial Group, after it failed to appoint a new responsible manager a month later.

Meanwhile, ASIC has cancelled MWL's Australian credit licence following a payment by the Compensation Scheme of Last Resort (CSLR).

After failing to pay Australian Financial Complaints Authority's determination in late 2025, the CSLR made a payment of $90,031.34 for the AFCA determination including interest, and as a result, ASIC cancelled the Australian credit licence of MWL.

In making the cancellation order, ASIC has specified that MWL is to maintain its membership with AFCA for a further 12 months, to 12 October 2027 so that complaints about MWL can still be lodged with AFCA, it said.

MWL is currently in liquidation.