Two MWL Financial Services advisers have been banned by ASIC for giving inappropriate advice in connection to the failed Shield Master Fund.
The regulator is investigating the management and operation of Shield, along with advisers and lead generation services that referred clients to roll over their super into high-risk investments that were not in-line with their best interests.
ASIC believes $480 million has been invested into Shield by 5800 consumers since February 2022 through super platforms NQ Super and Super Simplifier (under Equity Trustees as trustee), and Macquarie Wrap (under trustee Macquarie Investment Management).
Sydney-based financial adviser Matthew Simon Bradley has been banned from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business for eight years.
Queensland-based former financial adviser Isaac Jacob McQueen received a similar ban, but for only four years.
ASIC found Bradley gave inappropriate advice to some clients that wasn’t in their best interests, buy recommending they invest most of their super into higher risk investments.
The regulator also found Bradley’s Statements of Advice to certain clients included false and misleading statements implying they would enjoy better returns if their super were invested into Shield.
This deception included projection tables and statements for client’s superannuation that “did not have reasonable grounds”, the regulator said, along with representations that Shield had a better performance track record than other super funds when Shield had only been in existence for a short period.
Bradley was previously authorised by MWL from 11 October 2017 to 27 December 2021 and from 28 March 2022; McQueen was authorised from 31 October 2022 to 9 June 2023.
McQueen’s banning commenced from 17 June 2025, while Bradley’s started on 3 July 2025. The regulator did not give further information on the specifics of McQueen’s banning.
MWL is one of four licensees being investigated by ASIC in relation to Shield.
Investors in Shield were pursued by lead generators and were then referred to registered financial advisers, who advised them to roll their super onto a retail choice super fund and then invest part or all their assets into Shield.
The regulator is also investigating the role played by platforms in oversight of these high-risk investment schemes.
ASIC is also investigating another fund, First Guardian, which involved many of the same advisers and lead generation referral partners.
The regulator banned the licensee Financial Services Group Australia, which was tied to Shield and First Guardian, last month and the licensee’s responsible manager Graham Holmes has been permanently banned.
The assets of Ferras Merhi, who controlled FSGA, were frozen in February. He was taken off the ASIC Financial Advisers Register at the end of May by his licensee Interprac.
Merhi also led Venture Egg, which has since referred clients to licensee Infocus after the platforms switched off advice fees.
