ASIC has banned Sydney-based former financial adviser John Morgan for five years, citing inappropriate advice and misleading client communications.
The order prohibits Morgan, authorised by MWL Financial Services from 1 May 2017 to 28 August 2025, from providing financial services, controlling a financial services business, or performing any function within such a business. The ban took effect 21 October 2025 and has just been published.
The regulator found that Morgan recommended clients allocate a substantial portion of their superannuation to high-risk investment options within the Shield Master Fund, specifically its high growth and growth classes. In some cases, clients were directed into the fund’s balanced and conservative options, which ASIC classified as medium risk.
ASIC concluded this advice was not in the best interests of certain clients. It also found that Morgan’s SoAs contained false and misleading representations, including claims that clients would achieve superior returns by investing in the Shield Master Fund.
Further, the documents suggested the fund had a track record of strong performance over a significant period, despite the fund only being established in May 2021.
Morgan has applied to the Administrative Review Tribunal seeking a review of ASIC’s decision.
On 21 November 2025 Cor Cordis was appointed as liquidators of MWL. ASIC cancelled MWL’s licence on 25 August 2025.
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