Australian Securities & Investments Commission bans former adviser Nicole Niu for five years over unsuitable Shield Master Fund advice and misleading statements

The Australian Securities & Investments Commission has banned former financial adviser Nicole Niu for five years from providing financial services, controlling a financial services business or performing any function in one. The action followed findings that she gave certain clients inappropriate advice that was not in their best interests by recommending they invest most of their superannuation in classes of the Shield Master Fund, and that her statements of advice contained false and misleading claims about Shield’s returns and track record. ASIC found that Ms Niu recommended the High Growth and Growth classes of Shield, which were high-risk investments, or the Balanced class, which was medium risk, despite Shield having a limited trading history. Her advice documents implied clients would achieve better returns by moving their superannuation into Shield and stated that Shield had generated returns and outperformed alternatives over a significant period, even though the fund only came into existence in May 2021. ASIC also found that Ms Niu was likely to contravene a financial services law. At the time, she was an authorised representative of MWL Financial Services Pty Ltd. The banning order took effect on 22 January 2026. Ms Niu applied to the Administrative Review Tribunal for a review of ASIC’s decision and sought a stay and confidentiality orders, but the tribunal refused those requests on 11 June 2026. ASIC later received notice that she withdrew her review application on 3 July 2026.