The Australian Securities and Investments Commission has banned Melbourne-based financial adviser David Lofthouse from providing any financial services for three years, the regulator announced on 7 April.
ASIC found that while authorised by MWL Financial Services Pty Ltd, Lofthouse “gave inappropriate advice to certain clients which was not in their best interests.” The banning order took effect on 30 March 2026.
Lofthouse advised six clients to invest at least 75% of their superannuation savings into the High Growth class or Growth class of the Shield Master Fund, ASIC said.
The regulator described Shield as a new financial product with “no meaningful track record” that “was not intended to be a complete investment program and had conflicts of interest tainting its governance.”
Lofthouse was authorised by MWL from 10 August 2022 to 25 November 2022. He has the right to appeal the decision to the Administrative Review Tribunal.
Broader Shield enforcement
Lofthouse is one of at least nine former MWL advisers banned by ASIC over advice connected to the Shield Master Fund, according to Capital Brief.
ASIC cancelled MWL’s Australian Financial Services licence on 25 August 2025 and banned one of its directors and its responsible manager. Liquidators from Cor Cordis were appointed on 21 November 2025.
The regulator halted new offers of investments in Shield in February 2024 and moved to secure the fund’s assets in June 2024. ASIC has also commenced proceedings against MWL, former director Nicholas Maikousis and Imperial Capital Group over alleged Shield advice failures.
