ASIC bans another MWL adviser

ASIC has banned another MWL financial adviser David Lofthouse for three years for advising clients to invest at least 75% of their superannuation savings into the High Growth or Growth class of the Shield Master Fund.

ASIC said Lofthouse gave six clients inappropriate advice which was not in their best interests.

The ban took effect from March 30.

"The Shield Master Fund was a new financial product, with no meaningful track record, was not intended to be a complete investment program and had conflicts of interest tainting its governance," ASIC said.

Lofthouse was authorised by MWL from 10 August 2022 to 25 November 2022.

After leaving MWL, Lofthouse was licensed by Industry Fund Services up until the ban was put in place. He's also previously been licensed through Arthur J. Gallagher, and My Dedicated Advisory with almost year-long breaks between authorisations.

ASIC has banned several former MWL financial advisers for inappropriate advice provided by them in relation to Shield. This includes Isaac McQueen for four years, Matthew Bradley for eight years, Wade Spooner for eight years, Jovan Videkanic for seven years, Louis Van Coppenhagen for seven years and Neil McPherson for four years.

In August 2025, ASIC cancelled MWL's Australian Financial Services licence, banning one of the firm's directors and its responsible manager.

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

ASIC said Lofthouse has the right to appeal the decision to the Administrative Review Tribunal.