ASIC bans another former MWL adviser

ASIC has banned Sydney-based former financial adviser John Morgan 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 five years.

ASIC found Morgan gave inappropriate advice to certain clients which was not in their best interests. This included recommending they invest most of their superannuation into the High Growth class and the Growth class of the Shield Master Fund (Shield) which were high risk investments, or they invest in the Balanced and Conservative classes which were medium risk investments.

ASIC also found Morgan's Statements of Advice to his clients contained false and misleading statements as they implied they would enjoy better returns by investing their superannuation into Shield; and represented 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 banning order took effect from 21 October 2025. Morgan's banning has been recorded on the Banned and Disqualified Register.

Morgan has made an application to the Administrative Review Tribunal to review ASIC's decision. Morgan had also brought a stay and confidentiality application which he has now withdrawn.

Morgan was authorised by MWL Financial Services from 1 May 2017 to 28 August 2025.

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

Morgan 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.

In February 2024, ASIC halted new offers of investments in Shield. ASIC made interim stop orders on four product disclosure statements for Shield.

In June 2024, ASIC took action to secure and preserve the assets held within Shield in hopes of paying investors back, at least in part.