ASIC has banned Melbourne-based financial adviser Neil McPherson 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 four years.

ASIC found that Mr McPherson gave inappropriate advice to certain clients which was not in their best interests because he recommended clients invest most of their superannuation into the High Growth class, the Growth class or the Balanced class of the Shield Master Fund which were high risk investments, during the time he was authorised by MWL Financial Services Pty Ltd.   

ASIC has reason to believe that Mr McPherson is not a fit and proper person, is not competent and is likely to contravene a financial services law.

The banning order took effect from 5 February 2026.

Mr McPherson‘s banning has been recorded on Banned and Disqualified Register. 

Mr McPherson has the right to appeal the decision to the Administrative Review Tribunal.

Actions to consider if you are a client of MWL

If you are a client of MWL and have concerns about the conduct of your adviser or the advice you received, you should consider lodging a complaint with the Australian Financial Complaints Authority (AFCA). AFCA is the external dispute resolution scheme for financial complaints in Australia and must deal with complaints independently and fairly. AFCA’s service is free for consumers.

AFCA can be contacted by: 

• calling 1800 931 678 for free (9am – 5pm Melbourne time), or
• lodging a complaint online on AFCA’s website.

AFCA will consider your complaint if it meets the eligibility criteria.

Important deadlines: In cancelling MWL’s licence, ASIC required MWL to remain a member of AFCA until 25 August 2026. If you intend to lodge a complaint with AFCA in relation to advice received from MWL you should do so by 25 August 2026.

If you are an investor in Shield, there is a dedicated website to help you access support, visit: takeyoursuperback.com.

This website is operated by Super Consumers Australia, an independent consumer advocacy organisation that is helping people impacted by the collapse of Shield understand what they can do. ASIC funded Super Consumers Australia to develop this website and support people who invested in Shield.

Background

Mr McPherson was previously authorised by MWL from 7 December 2022 to 9 June 2023.

MWL

On 21 November 2025, Daniel Juratowitch and Rachel Burdett of Cor Cordis were appointed as liquidators of MWL.

On 25 August 2025, ASIC cancelled MWL’s Australian Financial Services licence, banned one of MWL’s directors and its responsible manager (25-181MR, 25-180MR). Mr McPherson is one of a number of former MWL financial advisers who have been banned by ASIC in respect of advice provided in relation to Shield (25-127MR, 25-128MR, 25-146MR, 25-243MR, 25-312MR). 

ASIC has also sought leave to commence proceedings against MWL, former director Nicholas Maikousis and Imperial Capital Group over alleged Shield advice failures (25-276MR).

In February 2024, ASIC halted new offers of investments in Shield. ASIC made interim stop orders on four product disclosure statements for Shield (24-018MR).

In June 2024, ASIC took action to secure the assets held within Shield (24-129MR). ASIC sought orders to preserve the assets of the scheme so that they may be recovered, to the extent available, for the benefit of investors while the investigation is continuing.

Consumer information 

ASIC has issued a consumer alert warning amid increasing concerns that people are being enticed to invest their retirement savings into complex and risky schemes: 25-120MR Consumer alert. Be super smart, visit ASIC’s Moneysmart campaign page. 

Stay Updated: ASIC will post important updates about the Shield Master Fund on its dedicated webpage: Shield Master Fund.