Regulatory Alerts2026-04-10
ASIC bans former financial adviser Shane Monte Silva for five years over flawed Shield and First Guardian advice
ASIC has issued a five-year banning order against former financial adviser Shane Monte Silva for failing to act in clients' best interests by recommending high-risk superannuation switches into the Shield and First Guardian funds. The regulator found that Silva provided misleading advice through improperly prepared Statements of Advice while relying on unlicensed third-party referrers and paraplanners. Clients affected by this conduct are advised to lodge complaints with the Australian Financial Complaints Authority or seek support through the dedicated takeyoursuperback.com website.
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