The Australian Securities & Investments Commission (ASIC) has issued an eight-year banning order against Sydney-based financial adviser Matthew Simon Bradley, preventing him from providing financial services, controlling an entity that carries on a financial services business, or performing functions in such a business. The action follows findings that he gave inappropriate advice that was not in certain clients’ best interests by recommending they invest most of their superannuation in the Shield Master Fund (Shield), and that his statements of advice contained false or misleading claims about expected returns and Shield’s performance history. Bradley recommended investments in Shield’s High Growth or Growth classes (high risk) or its Balanced class (medium-high risk), despite Shield having a limited trading history. The statements of advice included superannuation projection tables and return statements without reasonable grounds, and representations that Shield had a higher-performing track record than other super funds even though it had existed only for a short period. ASIC said it had reason to believe Bradley is not a fit and proper person, is not adequately trained or competent, and is likely to contravene a financial services law; the banning order took effect on 3 July 2025 and has been recorded on ASIC’s Banned and Disqualified Register. ASIC’s wider investigation into Shield continues, 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 said more than AUD 480 million has been invested in Shield by at least 5,800 consumers since February 2022, primarily through superannuation platforms whose trustees were Macquarie Investment Management Limited and Equity Trustees Superannuation Limited; Bradley may appeal the ban to the Administrative Review Tribunal.
Australian Securities & Investments Commission 2025-07-09
Australian Securities & Investments Commission bans MWL adviser Matthew Bradley for eight years over Shield Master Fund advice
ASIC has banned Sydney financial adviser Matthew Simon Bradley for eight years for giving inappropriate advice, recommending high-risk investments in the Shield Master Fund, and making misleading claims about its performance. Effective 3 July 2025, the ban is on ASIC’s Banned and Disqualified Register. ASIC's investigation into Shield and related entities continues, with over AUD 480 million invested by 5,800 consumers. Bradley may appeal.