Australian Securities & Investments Commission updates Christian Henry ban to three years after tribunal order in Shield advice case

The Australian Securities & Investments Commission has updated the banning order against former MWL Financial Services adviser Christian Henry, who is now banned for three years from providing personal financial advice, controlling a financial services business or performing functions involved in carrying on such a business. The revised outcome follows an Administrative Review Tribunal order that reduced ASIC’s earlier five-year ban. The underlying misconduct finding remains that Henry gave inappropriate advice to three clients that was not in their best interests, including recommending that they place most of their superannuation into the High Growth and Growth classes of the Shield Master Fund, which were high-risk investments. ASIC had imposed the original five-year ban in November 2025. Henry then applied to the Administrative Review Tribunal for review of that decision and sought a stay and confidentiality orders. The tribunal made a series of limited stay orders in January and March 2026, subject to conditions, before ordering by agreement on 30 June 2026 that the banning period be reduced to three years. The order also allows Henry to retain a passive ownership interest in BNR Financial Services Pty Ltd until 31 August 2026 and to take otherwise prohibited steps needed to divest that interest. The ban has been recorded on ASIC’s banned and disqualified register.