The Australian Securities and Investments Commission (ASIC) has banned Melbourne-based financial adviser David Lofthouse from providing any financial services for three years.

ASIC found that while authorised by MWL Financial Services Pty Ltd, Mr Lofthouse gave inappropriate advice to certain clients which was not in their best interests.

Mr Lofthouse advised six clients to invest at least 75% of their superannuation savings into the High Growth class or the Growth class of the Shield Master Fund.

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 banning order took effect from 30 March 2026.

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 Lofthouse 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.