ASIC has banned Queensland based former financial adviser Isaac Jacob McQueen 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 Mr 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 (Shield) which were high risk investments. Shield also had a limited trading history.
The banning order took effect from 17 June 2025.
Mr McQueen's banning has been recorded on Banned and Disqualified Register.
Mr McQueen has the right to appeal the decision to the Administrative Review Tribunal.
Background
Mr McQueen was authorised by MWL Financial Services Pty Ltd from 31 October 2022 to 9 June 2023.
In February 2024, ASIC halted new offers of investments in Shield. ASIC made interim stop orders on four product disclosure statements for Shield (24-018MR).
In June 2024, ASIC took action to secure the assets held within Shield (24-129MR). ASIC sought orders to preserve the assets of the scheme so that they may be recovered, to the extent available, for the benefit of investors while the investigation is continuing.
ASIC understands that, since February 2022, funds totalling more than $480 million have been invested in Shield by at least 5,800 consumers, who accessed Shield primarily through superannuation platforms, the trustees for which were Macquarie Investment Management Limited and Equity Trustees Superannuation Limited.
The investigation to date suggests 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.
ASIC is investigating the circumstances surrounding Shield. ASIC is investigating Keystone Asset Management Ltd (in liquidation) (the responsible entity for Shield) and its directors and officers, the role of the superannuation trustees, certain financial advisers who recommended investors invest in Shield, the lead generators, and others.
ASIC has also cancelled the Australian financial services licence of Financial Services Group Australia Pty Ltd (FSGA) (in liquidation) effective 7 June 2025 and permanently banned FSGA's Responsible Manager Graham Holmes. Certain authorised representatives of FSGA provided personal financial product advice to consumers who invested in the Shield Master Fund (25-102MR).
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 - ASIC warns about pushy sales tactics urging people to make quick superannuation switches. Be super smart, visit ASIC's Moneysmart campaign page.
