The Australian Securities & Investments Commission (ASIC) has banned Melbourne-based financial adviser David Lofthouse from providing financial services for three years after finding he gave inappropriate advice to certain clients while authorised by MWL Financial Services Pty Ltd. ASIC found Mr Lofthouse advised six clients to invest at least 75% of their superannuation savings into the High Growth or Growth class of the Shield Master Fund, which it described as a new product with no meaningful track record, not intended to be a complete investment program, and with governance tainted by conflicts of interest. The banning order took effect from 30 March 2026 and has been recorded on ASIC’s Banned and Disqualified Register; Mr Lofthouse can appeal to the Administrative Review Tribunal. ASIC directed MWL clients with concerns to consider lodging a complaint with the Australian Financial Complaints Authority, and noted it has previously taken actions relating to Shield and MWL, including halting new offers of Shield investments, seeking orders to preserve scheme assets, cancelling MWL’s Australian Financial Services licence, and commencing proceedings against MWL, a former director and Imperial Capital Group over alleged Shield advice failures.
Australian Securities & Investments Commission 2026-04-07
Australian Securities & Investments Commission bans former MWL adviser David Lofthouse for three years over Shield Master Fund superannuation advice
The Australian Securities & Investments Commission has banned Melbourne financial adviser David Lofthouse from providing financial services for three years after finding he inappropriately advised six clients to invest at least 75% of their superannuation in the High Growth or Growth class of the Shield Master Fund, which ASIC described as a new, conflicted product with no meaningful track record. The ban took effect on 30 March 2026 and is on ASIC’s Banned and Disqualified Register, with Lofthouse able to appeal. ASIC also cited prior actions involving Shield and MWL Financial Services, including halting new Shield offers, preserving scheme assets, cancelling MWL’s licence and commencing proceedings over alleged Shield advice failures.