ASIC has banned Melbourne-based financial adviser Wade Lance Spooner, of MWL Financial Services Pty Ltd (Administrators Appointed) (MWL), 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 eight years.
ASIC found that Mr Spooner gave inappropriate advice to certain clients which was not in their best interests, as he recommended clients invest most of their superannuation into the High Growth class and the Growth class of the Shield Master Fund (Shield) which were high risk investments. Shield also had a limited trading history.
ASIC also found that Mr Spooner, who was a member of MWL's investment committee, provided statements of advice to certain clients that contained false and misleading statements, implying they would enjoy better returns by investing their superannuation into Shield, including representations that Shield had a higher performing track record against other super funds when Shield had only been in existence for a short period.
ASIC has reason to believe that Mr Spooner is not a fit and proper person and is likely to contravene a financial services law.
The banning order took effect from 25 July 2025.
Mr Spooner's banning has been recorded on Banned and Disqualified Register.
- 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
Mr Spooner was authorised by MWL 24 May 2021.
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 Spooner 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).
On the day the banning order took effect on 25 July 2025, Mr Spooner lodged an application with the Administrative Review Tribunal (ART) seeking a review of ASIC's decision, as well as an application for a stay and confidentiality orders pending the outcome of the ART review.
On 25 September 2025, the application for a stay and confidentiality orders was heard by the ART.
On 20 October 2025, the ART refused Mr Spooner's request for stay and confidentiality orders.
Mr Spooner's review application of ASIC's decision remains ongoing with the ART.
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 available on a choice platform 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 the research house.
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.
