Australian Securities & Investments Commission bans former MWL adviser Raluca Terheci for six years over Shield Master Fund advice

The Australian Securities & Investments Commission has issued a six-year banning order against Melbourne-based financial adviser Raluca Terheci, prohibiting her from providing financial services, controlling an entity that carries on a financial services business, or performing any function involved in such a business. ASIC found she provided inappropriate advice and made false and misleading statements to clients in connection with recommendations to invest superannuation into the Shield Master Fund. ASIC found Ms Terheci recommended clients invest most of their superannuation into Shield’s High Growth or Growth classes, described as high-risk investments with a limited trading history. It also found statements of advice implied clients would achieve better returns by investing in Shield and incorrectly claimed Shield had generated returns and outperformed alternatives since 2017, despite Shield only coming into existence in May 2021. The banning order took effect from 25 July 2025, and ASIC said it had reason to believe Ms Terheci was not fit and proper, not adequately trained or competent, and likely to contravene a financial services law. Ms Terheci has applied to the Administrative Review Tribunal for review of ASIC’s decision; her separate application for a stay and confidentiality orders was withdrawn and formally dismissed by the Tribunal on 3 March 2026, with a hearing date for the substantive review yet to be set. ASIC also directed affected MWL and UGC clients to consider lodging complaints with the Australian Financial Complaints Authority and pointed Shield investors to a dedicated support website operated by Super Consumers Australia.