The Australian Securities & Investments Commission (ASIC) issued an eight-year banning order against Melbourne-based financial adviser Wade Lance Spooner, formerly of MWL Financial Services Pty Ltd, preventing him from providing financial services, controlling a financial services business or performing functions in such a business. ASIC found Spooner gave inappropriate advice to certain clients by recommending they invest most of their superannuation into the High Growth and Growth classes of the Shield Master Fund, which it described as high risk and with limited trading history. The ban took effect on 25 July 2025 and has been recorded on ASIC’s Banned and Disqualified Register. ASIC also found that, as a member of MWL’s investment committee, Spooner issued statements of advice containing false and misleading statements, including implying clients would achieve better returns by investing in Shield and representing that Shield had a higher-performing track record against other super funds despite only being in existence for a short period. Spooner has applied to the Administrative Review Tribunal (ART) for review of ASIC’s decision; the ART refused his applications for a stay and confidentiality orders on 20 October 2025, and the review remains ongoing. ASIC directed MWL clients with concerns about advice to the Australian Financial Complaints Authority (AFCA) and noted an AFCA complaint deadline of 25 August 2026, reflecting ASIC’s requirement that MWL remain an AFCA member until that date following cancellation of MWL’s Australian Financial Services licence on 25 August 2025. The release also situates the banning within ASIC’s continuing Shield Master Fund investigation, including interim stop orders halting new offers in February 2024 and action in June 2024 to preserve scheme assets; ASIC estimates more than AUD 480 million has been invested in Shield by at least 5,800 consumers since February 2022.
Australian Securities & Investments Commission 2025-10-21
Australian Securities & Investments Commission bans MWL adviser Wade Spooner for eight years over misleading Shield Master Fund superannuation advice
The Australian Securities & Investments Commission (ASIC) has issued an eight-year ban against financial adviser Wade Lance Spooner for providing inappropriate advice and issuing misleading statements about investments in the Shield Master Fund. Spooner, formerly of MWL Financial Services Pty Ltd, has applied for a review of the decision, but the Administrative Review Tribunal denied his requests for a stay and confidentiality orders. ASIC's action is part of an ongoing investigation into the Shield Master Fund, with over AUD 480 million invested by at least 5,800 consumers.