The Australian Securities and Investments Commission (ASIC) has issued a four-year banning order against Melbourne-based financial adviser Neil McPherson, prohibiting him from providing financial services, controlling an entity that carries on a financial services business, or performing any function involved in such a business. The order took effect from 5 February 2026. ASIC found Mr McPherson gave inappropriate advice to certain clients that was not in their best interests by recommending they invest most of their superannuation into the High Growth, Growth or Balanced classes of the Shield Master Fund, which ASIC described as high-risk investments, during the period he was authorised by MWL Financial Services Pty Ltd. ASIC said it has reason to believe he is not a fit and proper person, is not competent and is likely to contravene a financial services law; the ban is recorded on ASIC’s Banned and Disqualified Register, and Mr McPherson can appeal to the Administrative Review Tribunal. ASIC flagged that clients of MWL who are considering lodging a complaint with the Australian Financial Complaints Authority should do so by 25 August 2026, noting that ASIC required MWL to remain an AFCA member until that date following the cancellation of MWL’s licence.
Australian Securities & Investments Commission 2026-02-11
Australian Securities and Investments Commission bans former MWL adviser Neil McPherson for four years over Shield Master Fund superannuation advice
The Australian Securities and Investments Commission (ASIC) has banned Melbourne-based financial adviser Neil McPherson for four years, effective 5 February 2026, for providing inappropriate advice and recommending high-risk investments. ASIC found him not fit and proper, and clients of MWL Financial Services Pty Ltd are advised to lodge complaints with the Australian Financial Complaints Authority by 25 August 2026.