The Australian Securities and Investments Commission (ASIC) has banned former financial adviser Shane Monte Silva from the financial services industry for five years after finding he failed to act in certain clients’ best interests when recommending superannuation switches to invest in managed investment schemes including the Shield Master Fund and the First Guardian Master Fund. The conduct related to advice given to five clients between July and August 2023 while he was an authorised representative of Financial Services Group Australia Pty Ltd (in liquidation). ASIC’s review found that he provided Statements of Advice in his or another adviser’s name that contained materially misleading information and recommended clients roll over their entire superannuation savings into one or more high-risk products, including where the fact find was conducted by an unlicensed third-party referrer and the Statement of Advice was prepared by a paraplanner, with Mr Monte Silva only meeting the client for the first time during a phone call involving the referrer. The banning order took effect from 11 December 2025 and has been recorded on ASIC’s Financial Advisers Register and Banned and Disqualified register; ASIC also directed affected consumers to consider lodging complaints with the Australian Financial Complaints Authority. Mr Monte Silva has applied to the Administrative Review Tribunal to review ASIC’s decision; his stay application was withdrawn and his confidentiality application was dismissed.
Australian Securities & Investments Commission 2026-04-10
Australian Securities and Investments Commission bans Shane Monte Silva for five years over misleading superannuation switching advice into Shield and First Guardian schemes
The Australian Securities and Investments Commission has banned former financial adviser Shane Monte Silva from providing financial services for five years after finding he failed to act in certain clients’ best interests and issued materially misleading Statements of Advice recommending superannuation rollovers into high-risk managed investment schemes. The conduct involved advice to five clients in 2023 while he was an authorised representative of Financial Services Group Australia Pty Ltd, and the banning order, effective from 11 December 2025, is recorded on ASIC’s public registers. Mr Monte Silva has applied to the Administrative Review Tribunal to review the decision.