ASIC has banned former MWL Financial Services Pty Ltd (MWL) financial adviser Pardeep Singh (FA number: 1264972) from providing any financial services for four years.
ASIC found that Mr Singh failed to act in the best interests of certain clients, 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.
ASIC found that Mr Singh recommended clients roll over substantial portions of their superannuation into new superannuation arrangements and invest approximately 75% of those funds in the Growth or High Growth Class of the Shield Master Fund, which was high risk, with no track record.
ASIC also found that certain SOAs provided by Mr Singh contained false or materially misleading statements regarding Shield's historical performance. The SOAs included comparisons, projections and graphs suggesting Shield had generated returns and outperformed alternative products since 2016, despite Shield commencing operation in May 2021. ASIC found those statements were likely to induce clients to accept the recommendations.
The ban took effect on 18 May 2026. Mr Singh’s banning has been recorded on the Banned and disqualified register.
Mr Singh has applied to the Administrative Review Tribunal (ART) for review of ASIC's decision and for orders preventing ASIC from entering the banning order on the public register, publishing the banning order in the Gazette and issuing a media release pending the Tribunal's review.
On 30 September 2026, the parties were notified that the ART had refused the stay and confidentiality application.
Mr Singh's substantive review application remains before the ART.
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)
- lodging a complaint online on AFCA’s website
- AFCA will consider your complaint if it meets the eligibility criteria.
MWL remains a member of AFCA. Previous complaint deadlines no longer apply for now, but if you intend to lodge a complaint with AFCA in relation to advice received from MWL, it is still important to lodge a complaint with AFCA as soon as possible.
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 Singh was authorised by MWL from 18 September 2023 to 23 December 2024. Mr Singh was also an authorised representative of Interprac Financial Planning Pty Ltd from 13 January 2025 to 20 April 2026.
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 Singh 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, 25-245MR, 25-312MR, 26-023MR, 26-044MR, 26-062MR, 26-079MR, 26-155MR, 26-158MR).
ASIC has also commenced 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.