The Australian Securities & Investments Commission has imposed a five-year ban on Sydney-based former financial adviser John Morgan, prohibiting him from providing financial services, controlling an entity that carries on a financial services business, or performing functions involved in the carrying on of such a business. The banning order took effect from 21 October 2025 and has been recorded on ASIC’s Banned and Disqualified Register. ASIC found Morgan gave inappropriate advice that was not in certain clients’ best interests, including recommending they invest most of their superannuation into high-risk and medium-risk classes of the Shield Master Fund. ASIC also found his statements of advice contained false and misleading statements, including claims implying clients would receive better returns by investing in Shield and that Shield had generated returns and outperformed alternatives for a significant period, despite Shield only coming into existence in May 2021. Morgan has applied to the Administrative Review Tribunal to review ASIC’s decision, after withdrawing a stay application and a confidentiality application. ASIC also pointed concerned clients of MWL Financial Services Pty Ltd to the Australian Financial Complaints Authority, noting MWL remains a member and that previous complaint deadlines are not currently being applied, while encouraging complaints to be lodged as soon as possible.

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