The Australian Securities and Investments Commission (ASIC) has banned former financial adviser John Morgan 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 five years.

ASIC found Mr Morgan gave inappropriate advice to certain clients which was not in their best interests. This included recommendations that they invest most of their superannuation into the High Growth class and the Growth class of the Shield Master Fund which were high risk investments, or that they invest in the Balanced and Conservative classes which were medium risk investments.

The regulator also found that Mr Morgan’s statements of advice to his clients contained false and misleading statements as they implied that they would enjoy better returns by investing their superannuation into Shield; and represented that Shield had generated returns and outperformed alternatives for a significant period which was incorrect because Shield had only come into existence in May 2021.

Mr Morgan was authorised by MWL Financial Services Pty Ltd from 1 May 2017 to 28 August 2025.

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. Mr Morgan 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.

ASIC has also commenced proceedings against MWL, former director Nicholas Maikousis and Imperial Capital Group over alleged Shield advice failures.

In February 2024, ASIC halted new offers of investments in Shield. ASIC made interim stop orders on four product disclosure statements for Shield.

In June 2024, ASIC took action to secure the assets held within Shield. 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.