ASIC has cancelled the Australian credit licence of MWL Financial Services Pty Ltd (In Liquidation) ACN 095 907 574 (MWL) following a payment by the Compensation Scheme of Last Resort (CSLR).
On 28 November 2025, the Australian Financial Complaints Authority (AFCA) made a determination against MWL, which MWL failed to pay. On 16 September 2026, the CSLR made a payment of $90,031.34 for the AFCA determination including interest, and notified ASIC. As a result, on 12 October 2026, ASIC cancelled the Australian credit licence of MWL.
ASIC is required to cancel the Australian credit licence of a licensee where that licensee fails to pay an AFCA determination and the CSLR subsequently pays compensation.
The cancellation is not subject to discretion or merits review.
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.
Further information can be found on the AFCA webpage at the below links:
ASIC has an ongoing investigation into MWL and numerous related entities (see Shield Master Fund).
Background
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 (AFS) licence, banned one of MWL’s directors and its responsible manager (25-181MR, 25-180MR). A number of former MWL financial advisers 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.
About the CSLR
The CSLR was established in June 2023, commencing operations in April 2024. It can pay up to $150,000 in compensation to consumers who have an unpaid determination from AFCA relating to authorised personal financial advice, credit intermediation, securities dealing or credit provision, and where other eligibility criteria are met.
The AFCA complaint process must first be completed before a claim can be lodged with the CSLR. All reasonable steps to obtain compensation from the credit and or financial firm must be taken before a CSLR payment can be made.
ASIC’s decision to cancel the AFS licence of MWL follows previous ASIC decisions.
ASIC has cancelled ten AFS licences and seven credit licences since the commencement of the CSLR:
- 26-159MR ASIC cancels AFS licence of Australian Fiduciaries Limited (In Liquidation)
- 26-035MR ASIC cancels AFS licence of Private Wealth Pty Ltd
- 25-258MR ASIC cancels licence of GS-APAC Pty Ltd
- 25-246MR ASIC cancels licence of Wealth Trail Pty Ltd (In Liquidation)
- 25-183MR ASIC cancels licence of Easy Plan Financial Services Pty Ltd
- 25-080MR ASIC cancels licence of Calaite Capital Partners Pty Ltd
- 25-067MR ASIC cancels licence of Brite Advisors Pty Ltd
- 25-064MR ASIC cancels licence of Viridian Equity Group Pty Ltd
- 24-262MR ASIC cancels licence of RPD Group Advice Pty Ltd
- 24-256MR ASIC cancels licence of DOD Bookkeeping Pty Ltd
- 24-233MR ASIC cancels the Australian financial services and credit licences of Ultiqa Lifestyle Promotions Limited
- 24-181MR ASIC cancels licence of Libertas Financial Planning
- 24-210MR ASIC cancels licences of Ultimate Credit Management Pty Ltd and Worry Free Finance Pty Ltd
- 24-223MR ASIC cancels licence of Ferratum Australia Pty Ltd