ASIC has banned Robert John Tohill for a period of 5 years from providing any financial services, performing, as an officer, responsible manager or compliance manager, any function involved in the carrying on of a financial services business and controlling an entity that carries on a financial services business.
Mr Tohill was the responsible manager and compliance manager of MWL Financial Services Pty Ltd (MWL). ASIC found that Mr Tohill:
- was involved in contraventions of financial services laws by another person
- was on the investment committee that continued to evaluate and approve the Shield Master Fund (Shield)
- reviewed and approved template Statements of Advice (SOA) and certain SOAs prepared by financial advisers which contained:
- false and misleading information about the performance history of Shield, and
- no information about MWL's arrangements with lead generators.
- was responsible for the content of Financial Services Guides that did not disclose required information about MWL's arrangements with lead generators
- was responsible for maintaining MWL's compliance manual which included MWL's conflicts policy, and
- failed in his gatekeeper functions as compliance manager and responsible manager.
Mr Tohill has the right to apply to the Administrative Review Tribunal for a review of ASIC's decision.
The banning of Mr Tohill is recorded on ASIC's banned and disqualified register.
Background
Mr Tohill commenced as compliance manager at MWL in December 2016 and was appointed as one of MWL's responsible managers in December 2021.
Whilst at MWL, certain financial advisers provided personal financial product advice to consumers who invested in the Shield Master Fund.
ASIC has previously banned four former financial advisers of MWL in respect of advice provided in relation to Shield (25-127MR, 25-128MR, 25-146MR).
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 others.
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.
