The Australian Securities & Investments Commission has banned Robert John Tohill, the responsible manager and compliance manager of MWL Financial Services Pty Ltd, for five years from providing any financial services, acting as an officer, responsible manager or compliance manager, performing any function involved in running a financial services business, and controlling an entity that carries on a financial services business. ASIC found Tohill was involved in contraventions of financial services laws and failed in his gatekeeper duties, including by serving on the investment committee that continued to evaluate and approve the Shield Master Fund, reviewing and approving template and certain Statements of Advice containing false and misleading information about Shield’s performance history and omitting information about MWL’s arrangements with lead generators, and being responsible for Financial Services Guides and the compliance manual, including MWL’s conflicts policy, that did not include required disclosures. The ban is recorded on ASIC’s banned and disqualified register, and Tohill may apply to the Administrative Review Tribunal for review. The action sits alongside ASIC’s ongoing Shield-related work, after it halted new offers of investments in Shield and made interim stop orders on four product disclosure statements in February 2024, and took action in June 2024 to preserve Shield’s assets while its investigation continues. ASIC understands that since February 2022 more than AUD 480 million has been invested in Shield by at least 5,800 consumers, and it is investigating Keystone Asset Management Ltd (in liquidation) as responsible entity, its directors and officers, the role of superannuation trustees, certain advisers, lead generators and others.

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