Ex MWL Financial Services adviser banned by ASIC for inappropriate investment advice

A former financial adviser has been banned by the corporate watchdog amid rising concerns people are being enticed to invest their retirement savings into complex and risky schemes.

ASIC has launched an investigation into the Shield Master Fund.

A former financial adviser has been banned by the corporate watchdog after giving inappropriate investment advice to clients.

The Australian Securities and Investments Commission banned Isaac Jacob McQueen – who had worked at MWL Financial Services, from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business for four years.

ASIC found that Queensland-based McQueen gave inappropriate advice to certain clients which was not in their best interests as he recommended that they invest most of their superannuation into the High Growth class or the Growth class of the Shield Master Fund which were high risk investments. ASIC says Shield also had a limited trading history.

ASIC’s has increasing concerns that people are being enticed to invest their retirement savings into complex and risky schemes.

The ban comes amid ASIC’s concerns that people are being enticed to invest their retirement savings into complex and risky schemes.

ASIC’s investigation into Shield suggested that potential investors were called by lead generators and referred to personal financial advice providers who advised investors to roll their superannuation assets into a retail choice superannuation fund and then to invest part or all of their superannuation into Shield.

In February 2024, ASIC halted new offers of investments in Shield.

It also made interim stop orders on four product disclosure statements for Shield and four months later the watchdog took action to secure the assets held within Shield.

McQueen’s banning order took effect from 17 June 2025 and has been recorded on the Banned and Disqualified Register. He has the right to appeal the decision to the Administrative Review Tribunal.

Board moves

Global firearms, weapons and munitions company NIOA Group has announced a number of changes to its Advisory Board as part of its continued global expansion and strategic direction.

David Feeney, Ken Anderson and Dan Olson have stepped down from their roles as advisers and the company has welcomed former federal Labor MP Brendan O’Connor to the Advisory Board.

Former federal Labor Brendan O'Connor.

He joins ex pollie Chris Pyne, former US Under Secretary of Defense Ellen Lord and Victoria Cross winner Mark Donaldson on the board. Rear Admiral (Ret’d) Lee Goddard who recently stepped aside as CEO of the Australian Missile Corporation will take up the role of Strategic Adviser for the AMC.

Group CEO Rob Nioa, (illustrated) who will assume the additional role of executive chairman, says he will continue to lead the executive team while also taking on broader strategic oversight as part of the combined role.

All nighter

In an Australian first, two charities, Ronald McDonald House Charities South East Queensland and Children’s Hospital Foundation, have joined forces to officially launch All Night Long – a new overnight walking marathon event in Queensland.

The event is set to take place on October 25 and invites Queenslanders to walk 42km all night long to raise money for sick children and their families every single day.

“This is more than just a walk, it’s a moving tribute to the strength of families who face unimaginable challenges,” says Lyndsey Rice, CEO Children’s Hospital Foundation.

“Every kilometre walked, every dollar raised, directly helps us fund lifesaving medical research, purchase essential equipment, and provide emotional and practical support to families during the toughest of times.”

Originally published as Ex MWL Financial Services adviser banned by ASIC for inappropriate investment advice