The Australian Securities and Investments Commission (ASIC) reported that the Administrative Review Tribunal (ART) has affirmed five-year financial services bans on former advisers Andrew Hanley and Shane Monte Silva. The ART found that both participated in high-volume, templated advice models that failed to put clients’ interests first and produced inappropriate superannuation switching recommendations. The models relied on unlicensed telemarketers and paraplanners for key fact-finding and advice-drafting work, while the advisers had limited client contact and often reviewed Statements of Advice only shortly before presenting them. The ART found that advisers cannot outsource responsibility for understanding clients’ circumstances, investigating recommended products or ensuring advice is appropriate. Hanley failed to act in the best interests of six clients, while Monte Silva advised five clients to switch superannuation into platforms with substantial investments in Shield and First Guardian. The decisions support ASIC’s scrutiny of high-risk superannuation switching and lead-generation arrangements. ASIC is reviewing advice licensees that use lead-generation services and conducting multiple investigations into conduct connected with Shield and First Guardian.
2026-09-11Australian Securities & Investments Commission
Australian Securities and Investments Commission five-year bans on two former advisers affirmed over flawed superannuation switching advice
The Administrative Review Tribunal affirmed ASIC’s five-year bans on former advisers Andrew Hanley and Shane Monte Silva over inappropriate superannuation switching advice. The decisions confirm that advisers remain personally responsible for fact-finding, product investigations and advice prepared through outsourced or templated processes. ASIC is also reviewing licensees’ use of lead-generation services.