The Australian Securities & Investments Commission has banned Melbourne-based financial adviser Jovan Videkanic for seven years, prohibiting him from providing financial services, controlling an entity that carries on a financial services business, or performing functions in such a business, after finding he gave inappropriate advice and made misleading statements to clients. ASIC found that between July 2020 and February 2024 Mr Videkanic advised certain clients to establish self-managed superannuation funds, roll over existing superannuation and invest a significant portion of retirement savings in the Global Capital Property Fund while authorised by United Global Capital Pty Ltd (in liquidation), and later advised clients to invest most of their superannuation in the Shield Master Fund’s High Growth, Growth or Balanced classes while authorised by MWL Financial Services Pty Ltd (administrators appointed). Statements of advice were found to include false and misleading representations about Shield’s return prospects and comparative track record despite Shield’s limited operating history, and ASIC concluded Mr Videkanic was not fit and proper, not competent and likely to contravene a financial services law; the banning order took effect on 25 August 2025 and his review application to the Administrative Review Tribunal remains ongoing. For consumers, ASIC said clients of MWL should consider lodging complaints with the Australian Financial Complaints Authority (AFCA) by 25 August 2026, reflecting ASIC’s requirement that MWL remain an AFCA member until that date. AFCA has reinstated UGC’s membership following the collapse of the Shield and First Guardian Master Funds, with complaints about advice received from UGC to be lodged by 31 March 2026.
Australian Securities & Investments Commission 2025-10-23
Australian Securities & Investments Commission bans former UGC and MWL adviser Jovan Videkanic for seven years over inappropriate superannuation advice
The Australian Securities & Investments Commission (ASIC) has banned Melbourne-based financial adviser Jovan Videkanic for seven years for inappropriate advice and misleading statements. Videkanic advised clients to invest in self-managed superannuation funds and the Global Capital Property Fund, and later in the Shield Master Fund, with false claims about returns. ASIC advises MWL Financial Services Pty Ltd clients to lodge complaints with the Australian Financial Complaints Authority by 25 August 2026, and UGC clients by 31 March 2026.