The Australian Securities and Investments Commission (ASIC) has banned two former financial advisers of MWL Financial Services Pty Ltd (MWL) 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.

The banned advisers are:

• Rocco D’Amelio for 7 years from 18 July 2025, and
• Robert Crossing for 6 years from 18 July 2025.

ASIC found that each of the advisers gave inappropriate advice to certain clients which was not in their best interests, as they recommended clients invest most of their superannuation into the High Growth class or the Growth class of the Shield Master Fund which were high risk investments. Shield also had a limited trading history.

ASIC also found that the advisers’ statements of advice to certain clients contained false and misleading statements, implying they would enjoy better returns by investing their superannuation into Shield, including representations that Shield had a higher performing track record against other super funds when Shield had only been in existence for a short period.

The advisers each have the right to appeal the decision to the Administrative Review Tribunal.

ASIC has previously banned two former advisers of MWL in respect of advice provided in relation to Shield. ASIC has also cancelled the Australian financial services licence of Financial Services Group Australia Pty Ltd (FSGA) (in liquidation) effective 7 June 2025 and permanently banned FSGA’s Responsible Manager Graham Holmes. Certain authorised representatives of FSGA provided personal financial product advice to consumers who invested in Shield.

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.

The regulator estimates that, since February 2022, funds totalling more than $480 million have been invested in Shield by at least 5,800 consumers, who accessed Shield primarily through superannuation platforms, the trustees for which were Macquarie Investment Management Limited and Equity Trustees Superannuation Limited.

The investigation to date suggests that potential investors were called by lead generators and referred to personal financial advice providers who advised investors to roll their superannuation assets into a retail choice superannuation fund and then to invest part or all of their superannuation into Shield.

ASIC is investigating the circumstances surrounding Shield. ASIC is investigating Keystone Asset Management Ltd (in liquidation) (the responsible entity for Shield) and its directors and officers, the role of the superannuation trustees, certain financial advisers who recommended investors invest in Shield, the lead generators, and others.