ASIC has imposed a five-year ban on Sydney based former financial adviser John Morgan 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.
ASIC found that Mr Morgan gave inappropriate advice to certain clients which was not in their best interests. This included recommendations that 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, or that they invest in the Balanced and Conservative classes, which were medium risk investments.
ASIC also determined that Mr Morgan's statements of advice to his clients contained false and misleading statements. These statements implied that clients would enjoy better returns by investing their superannuation into Shield and represented that Shield had generated returns and outperformed alternatives for a significant period. ASIC found these representations were incorrect because Shield had only come into existence in May 2021.
The banning order took effect from 21 October 2025. Mr Morgan's banning has been recorded on ASIC's Banned and Disqualified Register.
Mr Morgan has applied to the Administrative Review Tribunal to review ASIC's decision. He had also brought a stay and confidentiality application in relation to the banning decision, which he has now withdrawn.
Links to MWL Financial Services and Shield
Mr Morgan was authorised by MWL Financial Services Pty Ltd from 1 May 2017 to 28 August 2025. On 25 August 2025, ASIC cancelled MWL's Australian Financial Services licence, and banned one of MWL's directors and its responsible manager.
Subsequently, on 21 November 2025, Daniel Juratowitch and Rachel Burdett of Cor Cordis were appointed as liquidators of MWL. ASIC stated that Mr Morgan is one of a number of former MWL financial advisers who have been banned in respect of advice provided in relation to Shield.
