ASIC Bans MWL Adviser Over Fake and Misleading Superannuation Investment Advice

The Australian Securities and Investments Commission (ASIC) has banned Melbourne-based financial adviser Wade Lance Spooner from providing financial services for eight years, citing misconduct linked to high-risk superannuation advice.

Spooner, formerly of MWL Financial Services Pty Ltd (Administrators Appointed), was found to have recommended clients invest heavily in the High Growth and the Growth class of the Shield Master Fund, despite its limited trading history and high risk. ASIC determined the advice was inappropriate and not in clients’ best interests.

As a member of MWL’s investment committee, Spooner also provided statements of advice containing false and misleading claims, including exaggerated performance comparisons between Shield and other super funds. ASIC concluded he is not a fit and proper person and is likely to breach financial services laws.

The ban took effect on 25 July 2025. A month later, ASIC cancelled MWL’s Australian Financial Services licence and banned its director and responsible manager. Spooner is the latest MWL adviser sanctioned over Shield-related advice.

ASIC’s broader investigation into Shield continues. In February 2024, the regulator halted new offers and issued interim stop orders on four product disclosure statements for Shield. By June, ASIC had moved to preserve Shield’s assets for potential recovery.

Since February 2022, more than $480 million has flowed into Shield from at least 5,800 consumers, primarily via superannuation platforms, the trustees for which were Macquarie Investment Management Limited and Equity Trustees Superannuation Limited. Many investors were contacted by lead generators and referred to advisers who recommended rolling superannuation into retail choice funds and investing in Shield.

ASIC is probing the roles of Keystone Asset Management Ltd (in liquidation)  (the responsible entity for Shield), its directors, superannuation trustees, financial advisers, lead generators, and the research house involved in the scheme.

This month, ASIC also initiated criminal proceedings against two directors of a Perth-based financial services firm, alleging they aided and abetted Sheffield Insurance Pty Ltd’s failure to lodge required financial statements and auditor reports for five consecutive financial years.