ASIC bans former MWL adviser Neil McPherson for four years over Shield fund advice

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The Australian Securities and Investments Commission (ASIC) has banned former Melbourne-based financial adviser Neil McPherson from providing financial services for four years, following findings that he gave inappropriate investment advice to certain clients.

According to ASIC, the ban prevents Mr 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 such a business. The banning order took effect on 5 February 2026.

ASIC said it found that Mr McPherson recommended that some clients invest most of their superannuation into the High Growth, Growth or Balanced classes of the Shield Master Fund, which it described as high-risk investments. The regulator concluded that this advice was not in the clients' best interests during the period when Mr McPherson was authorised by MWL Financial Services Pty Ltd.

The regulator stated it 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 action forms part of broader regulatory measures concerning MWL Financial Services and the Shield Master Fund. On 21 November 2025, Daniel Juratowitch and Rachel Burdett of Cor Cordis were appointed as liquidators of MWL. Earlier, on 25 August 2025, ASIC cancelled MWL's Australian Financial Services licence and banned one of its directors and its responsible manager.

Mr McPherson is among several former MWL advisers who have been banned in connection with advice related to Shield. ASIC has also sought leave to commence proceedings against MWL, former director Nicholas Maikousis and Imperial Capital Group over alleged failures concerning Shield-related advice.

ASIC previously intervened in relation to the Shield Master Fund. In February 2024, it halted new offers of investments in Shield and issued interim stop orders on four product disclosure statements. In June 2024, the regulator sought court orders to preserve the scheme's assets, stating that the aim was to secure funds "so that they may be recovered, to the extent available, for the benefit of investors" while investigations continue.