The Australian Securities & Investments Commission (ASIC) has banned two former financial advisers of MWL Financial Services Pty Ltd from providing financial services, controlling an entity that carries on a financial services business, or performing functions involved in such a business. Rocco D’Amelio is banned for seven years and Robert Crossing for six years, with both bans running from 18 July 2025, following ASIC findings of inappropriate advice and misleading statements linked to recommendations to invest clients’ superannuation in the Shield Master Fund. The findings centred on advice to invest most of clients’ superannuation into the High Growth or Growth classes of the Shield Master Fund, which ASIC described as high-risk investments with a limited trading history. ASIC also found false and misleading statements in certain statements of advice, including implications that clients would obtain better returns and that Shield had a higher performing track record than other super funds despite having existed for only a short period. The bannings are recorded on ASIC’s Banned and Disqualified Register and reflect ASIC’s view that each adviser is not fit and proper, not adequately trained or competent, and is likely to contravene a financial services law; ASIC noted it has previously banned two other former MWL advisers in relation to Shield and that its broader investigation continues, including into Keystone Asset Management Ltd (in liquidation) and other parties involved in the distribution and advice chain. Both advisers may apply to the Administrative Review Tribunal for review of ASIC’s decisions.
Australian Securities & Investments Commission 2025-07-24
Australian Securities & Investments Commission bans two former MWL Financial Services advisers for 6–7 years over Shield Master Fund superannuation advice
The Australian Securities & Investments Commission (ASIC) has banned former financial advisers Rocco D’Amelio and Robert Crossing from providing financial services for seven and six years, respectively, due to inappropriate advice and misleading statements about superannuation investments in the Shield Master Fund. The bans are recorded on ASIC’s Banned and Disqualified Register, and the broader investigation continues, including into Keystone Asset Management Ltd and other involved parties. Both advisers may seek a review of the decisions by the Administrative Review Tribunal.