ASIC has banned Melbourne-based financial adviser Louis Van Coppenhagen 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 7 years.
ASIC found that Mr Van Coppenhagen, while authorised by MWL Financial Services Pty Ltd (MWL), gave inappropriate advice to certain clients which was not in their best interests. Mr Van Coppenhagen recommended certain MWL clients invest most of their superannuation into the 'High Growth' or 'Growth' class of the Shield Master Fund (Shield) which were high risk investments.
ASIC also found that Mr Van Coppenhagen, while authorised by United Global Capital Pty Ltd (UGC), was instrumental to the implementation of UGC's advice model including preparing a template Advice Proposal Document. ASIC cancelled UGC's licence for providing conflicted personal advice concerning highly speculative investments.
ASIC has reason to believe that Mr Van Coppenhagen is not a fit and proper person, is not competent and is likely to contravene a financial services law.
The banning order took effect from 16 December 2025.
Mr Van Coppenhagen's banning has been recorded on the Banned and Disqualified Register.
Mr Van Coppenhagen has the right to review the decision in the Administrative Review Tribunal.
Actions to consider if you are a client of MWL or UGC
- If you are a client of MWL or UGC 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 deadlines: 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.
AFCA reinstated UGC's AFCA membership to ensure impacted consumers can lodge complaints following the collapse of the Shield and First Guardian Master Funds. If you intend to lodge a complaint with AFCA in relation to advice received from UGC you should do so by 31 March 2026.
Background
Mr Van Coppenhagen was previously authorised by UGC from April 2018 to July 2021 and authorised by MWL from 7 August 2022 to June 2023.
UGC
ASIC was concerned that UGC and its representatives gave conflicted personal advice to clients, specifically those advised to establish a self-managed superannuation fund (SMSF) and invest in highly speculative investments related to Joel Hewish (UGC's director). This included a company called Global Capital Property Fund Limited (GCPF).
This is despite UGC advisers telling clients they were not receiving personal financial product advice.
In July 2024, ASIC banned Mr Hewish for 10 years from providing financial services, performing any function involved in carrying on of a financial services business and controlling an entity that carries on a financial services business. ASIC also cancelled the Australian financial services (AFS) licence of Mr Hewish's company, UGC (24-170MR). Mr Hewish appealed to the Administrative Appeals Tribunal for a review of ASIC's decision which was dismissed by the Administrative Review Tribunal (25-160MR).
MWL
On 30 September 2025, ASIC was notified that Daniel Juratowitch and Rachel Burdett of Cor Cordis were appointed as voluntary administrators of MWL on 29 September 2025.
On 25 August 2025, ASIC cancelled MWL's Australian Financial Services licence, banned one of MWL's directors and its responsible manager (25-181MR, 25-180MR). Mr Videkanic is another former MWL financial adviser who has been banned by ASIC in respect of advice provided in relation to Shield (25-127MR, 25-128MR, 25-146MR, 25-243MR).
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.
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.
ASIC will post important updates about United Global Capital to its dedicated webpage: United Global Capital Pty Ltd (in liquidation).
