The Australian Securities and Investments Commission (ASIC) has banned Melbourne-based financial adviser Neil 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 a financial services business for four years.

ASIC found that Mr McPherson gave inappropriate advice to certain clients which was not in their best interests because he recommended clients invest most of their superannuation into the High Growth class, the Growth class or the Balanced class of the Shield Master Fund which were high risk investments, during the time he was authorised by MWL Financial Services Pty Ltd.

ASIC 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 banning order took effect from 5 February 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 McPherson 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 sought leave to commence 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.