The Australian Securities and Investments Commission (ASIC) has banned former financial adviser Nicole Niu 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 that Ms Niu gave inappropriate advice to certain clients which was not in their best interests as she recommended that they invest most of their superannuation into the High Growth class and the Growth class of the Shield Master Fund which was a high-risk investment, or the Balanced class which was a medium risk investment. Shield also had a limited trading history.

ASIC also found that Ms Niu’s statements of advice to her 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.

At the time of providing this advice, Ms Niu was an authorised representative of MWL Financial Services Pty Ltd.

ASIC also found that Ms Niu is likely to contravene a financial services law.

The banning order took effect from 22 January 2026. Ms Niu lodged an application with the Administrative Review Tribunal (ART) seeking a review of ASIC’s decision, as well as applications for a stay and confidentiality orders pending the outcome of the ART review.

On 23 April 2026 the application for a stay and confidentiality orders was heard by the ART.

On 11 June 2026, the ART refused Ms Niu’s request for stay & confidentiality orders.

On 3 July 2026 ASIC received notification from the ART that Ms Niu had withdrawn her application for a review of the decision.

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.

Ms Niu was authorised by MWL from 23 January 2023 to 9 June 2023.

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. Ms Niu 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.