The Australian Securities & Investments Commission (ASIC) has banned Queensland-based former financial adviser Isaac Jacob McQueen from providing financial services, controlling a financial services business or performing any function involved in operating such a business for four years. ASIC found Mr McQueen gave inappropriate advice that was not in certain clients’ best interests by recommending they invest most of their superannuation into the High Growth or Growth class of the Shield Master Fund, which ASIC described as high-risk investments with a limited trading history. The ban took effect from 17 June 2025, has been recorded on ASIC’s Banned and Disqualified Register, and Mr McQueen may appeal to the Administrative Review Tribunal. The action sits within ASIC’s broader investigation into the Shield Master Fund, including the responsible entity Keystone Asset Management Ltd (in liquidation), its directors and officers, the role of superannuation trustees, certain financial advisers, lead generators and others. ASIC has previously halted new offers into Shield and taken steps to secure scheme assets, and it said more than AUD 480 million has been invested in Shield by at least 5,800 consumers since February 2022, primarily via superannuation platforms.
Australian Securities & Investments Commission 2025-07-09
Australian Securities & Investments Commission bans former MWL adviser Isaac McQueen for four years over Shield Master Fund advice
The Australian Securities & Investments Commission (ASIC) has banned former financial adviser Isaac Jacob McQueen from providing financial services for four years due to inappropriate advice involving high-risk investments in the Shield Master Fund. This action is part of ASIC's broader investigation into the Shield Master Fund, with over AUD 480 million invested by at least 5,800 consumers since February 2022. The ban is effective from 17 June 2025 and is recorded on ASIC’s Banned and Disqualified Register, with Mr. McQueen having the right to appeal.