Regulatory Alerts2026-02-11
ASIC bans former MWL Financial Services adviser Neil McPherson for 4 years
The Australian Securities and Investments Commission has banned former MWL Financial Services adviser Neil McPherson from providing financial services for four years due to providing inappropriate, high-risk advice to clients. ASIC determined that McPherson is not a fit and proper person and is likely to contravene financial services laws after recommending clients invest heavily in risky Shield Master Fund classes during his authorization period. The banning order takes effect on 5 February 2026, and affected clients are advised to lodge complaints with the Australian Financial Complaints Authority or visit a dedicated support website for assistance.
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