ASIC bans 2 former MWL Financial advisers
ASIC has banned two former financial advisers of MWL Financial Services (MWL).
The pair are now banned 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:
Rocco D’Amelio for seven years from 18 July 2025, and Robert Crossing for six years from 18 July 2025.
D’Amelio was authorised by MWL from 5 June 2017 to 30 September 2022 and from 27 March 2023, and Crossing from 20 November 2018 to 22 May 2025.
ASIC found that each of the advisers gave inappropriate advice to certain clients which was not in their best interests, as they recommended clients invest most of their superannuation into the High Growth class or 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 the advisers’ statements of advice to certain clients 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 each of the advisers is not a fit and proper person, is not adequately trained or competent, and is likely to contravene a financial services law.
This is the second set of advisers banned this month regarding Shield activity as Isaac Jacob McQueen was banned for four years while Matthew Simon Bradley was banned for eight years, both of whom worked at MWL.
The bannings have been recorded on the Banned and Disqualified Register.
The advisers each have the right to appeal the decision to the Administrative Review Tribunal.
AUTHOR
Laura Dew
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