Ninth former MWL Financial Services adviser banned following Shield Master Fund collapse
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The news: Corporate regulator ASIC has banned former MWL Financial Services adviser David Lofthouse for three years, the ninth former MWL adviser to be banned following the failure of the Shield Master Fund.
The context: Lofthouse has been banned from providing financial advice because he advised six clients to invest at least 75% of their superannuation savings into the High Growth class of Growth class of the Shield Master Fund.
The banning order took effect from 30 March 2026. Lofthouse has the right to appeal the decision through the Administrative Review Tribunal.
ASIC is currently suing ratings agency SQM Research for alleged misleading representations and ratings for the Shield Master Fund.
The regulator is also suing financial planning group Interprac, MWL Financial Services, MWL’s former director Nicholas Maikousis and Imperial Capital Group over alleged Shield advice failures.
What they said: “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,” the ASIC announcement reads.
The source: ASIC media release
