Regulatory Alerts2025-08-28
ASIC cancels MWL Financial Services licence and bans director Nicholas Maikousis
ASIC has cancelled the Australian Financial Services licence of MWL Financial Services and banned its director Nicholas Maikousis for ten years due to serious compliance failures regarding the Shield Master Fund. The regulator found that MWL failed to manage conflicts of interest, provided misleading statements of advice, and incentivised advisers to recommend Shield to over 750 clients who invested $155 million. Clients are advised to lodge complaints with the Australian Financial Complaints Authority, while MWL and Mr Maikousis retain the right to apply for a review of these decisions by the Administrative Review Tribunal.
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