MWL Financial Services Pty Ltd (administrators appointed) (MWL) operated a business model, involving its former director Nicholas Maikousis and lead generator Imperial Capital Group Australia Pty Ltd (Imperial), that provided inappropriate financial advice to clients to invest their superannuation into the Shield Master Fund (Shield), ASIC will seek to allege in the Federal Court.
ASIC has sought leave to commence the proceeding to allege serious failings in relation to Imperial's referral of clients to MWL and the financial advice given by MWL advisers.
ASIC will seek to allege that:
- between May 2022 and February 2024, nine MWL representatives advised at least 556 clients to make initial investments of about $114 million of their superannuation into Shield;
- MWL failed to take reasonable steps to ensure its representatives acted in the best interests of its clients and provided appropriate advice in respect of recommendations that clients roll over their superannuation to invest into Shield as the pre-selected investment option;
- MWL failed to ensure its financial services were provided efficiently, honestly and fairly and failed to have in place adequate arrangements to manage conflicts of interest;
- Imperial, acting as a lead generator, made misleading representations to prospective clients about the standard, quality and benefits of MWL's financial services and was involved in MWL's alleged contravention of its obligation to provide financial services efficiently, honestly and fairly;
- MWL's director, Nicholas Maikousis, was involved in MWL's alleged contraventions of its general licensee obligations and its obligation to take reasonable steps to ensure its authorised representatives complied with their best interests and related duties;
- MWL received advice fees charged to clients for preparing Statements of Advice recommending investment in Shield;
- Imperial received (through a related entity) approximately $12.8 million in payments from entities associated with Shield for client referrals and the promotion of Shield.
ASIC Deputy Chair Sarah Court said the superannuation of many Australians was put at risk by the conduct proposed to be alleged in this proceeding.
'ASIC will seek to allege that MWL and Imperial were involved in a project which resulted in the superannuation of hundreds of Australians being invested into a high-risk scheme,' the Deputy Chair said.
The project allegedly involved Imperial referring prospective clients to MWL for what Imperial represented would be tailored financial advice, but which instead put clients into a pre-selected investment: Shield.
'Instead of the tailored financial advice that was promised, we will seek to allege MWL provided pre-determined advice that was not in clients' best interests.
'Despite Shield having no proven track record, we will seek to allege clients were advised to invest most or almost all of their retirement savings into the fund, irrespective of their individual circumstances,' the Deputy Chair said.
Because MWL is in administration, ASIC's application to make these allegations is subject to the Court's approval (or the consent of the Administrators). If allowed to proceed, ASIC will seek declarations and civil penalties against all defendants, and orders disqualifying Mr Maikousis from managing corporations.
If you are a client of MWL and have concerns about the conduct of your adviser or the advice you received, you should consider lodging a complaint with the Australian Financial Complaints Authority (AFCA). AFCA is the external dispute resolution scheme for financial complaints in Australia and must deal with complaints independently and fairly. AFCA's service is free for consumers.
AFCA can be contacted by:
- calling 1800 931 678 for free (9am - 5pm Melbourne time), or
- lodging a complaint online on AFCA's website.
AFCA will consider your complaint if it meets the eligibility criteria.
Important deadline: In cancelling MWL's licence, ASIC required MWL to remain a member of AFCA until 25 August 2026. If you intend to lodge a complaint with AFCA in relation to advice received from MWL you should do so by 25 August 2026.
Background
ASIC will seek to allege that MWL contravened ss 912A(1)(a) and (aa), 961K(2) and 961L of the Corporations Act 2001 (Cth), that Imperial was involved in MWL's contravention of s 912A(1)(a), that Mr Maikousis was involved in MWL's contraventions of ss 912A(1)(a) and (aa) and 961L, and that Imperial contravened s 12DB of the Australian Securities and Investments Commission Act 2001 (Cth).
On 30 September 2025, ASIC was notified that Daniel Juratowitch and Rachel Burdett of Cor Cordis were appointed as joint administrators of MWL as at 29 September 2025.
ASIC has cancelled the Australian Financial Services licence of MWL and banned Mr Maikousis from providing financial services for 10 years over conduct in relation to Shield (25-181MR).
ASIC has also banned MWL's responsible manager and six former MWL financial advisers in respect of advice provided in relation to Shield (25-180MR, 25-127MR, 25-128MR, 25-146MR, 25-243MR, 25-245MR).
Consumer information
ASIC has issued a consumer alert warning amid increasing concerns that people are being enticed to invest their retirement savings into complex and risky schemes (25-120MR Consumer alert). Be super smart, visit ASIC's Moneysmart campaign page.
Stay Updated: ASIC will post important updates about the Shield Master Fund on its dedicated webpage: Shield Master Fund.
