Regulatory Alerts2026-04-07
ASIC bans former MWL financial services adviser David Lofthouse for 3 years
The Australian Securities and Investments Commission has banned former MWL financial adviser David Lofthouse from providing financial services for three years due to issuing inappropriate advice that was not in clients' best interests. Lofthouse directed six clients to invest at least 75% of their superannuation into the Shield Master Fund, a new product with no meaningful track record and governance conflicts. The banning order takes effect on 30 March 2026, and affected clients are advised to lodge complaints with the Australian Financial Complaints Authority or visit takeyoursuperback.com for support.
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