ASIC issues six-month suspension to Melbourne AFSL

ASIC has handed down a six-month AFSL suspension to MW Planning after the firm failed to replace its banned responsible manager.

ASIC suspended MW Planning’s Australian financial services (AFS) licence of MW Planning Pty Ltd on 11 December until 8 June 2026.

MWL Financial Group, which is in liquidation, is the parent company of MWL Financial Services, which is also in liquidation, and MW Planning.

In August, ASIC banned MWL Financial Services’ responsible manager and compliance manager Robert John Tohill from providing any financial services for five years.  

Tohill was also the responsible manager for MW Planning.

At the same time, ASIC cancelled the MWL Financial Services’ AFSL and banned MWL director Nicholas Maikousis for 10 years over conduct in relation to the Shield Master Fund.

In its latest move, ASIC suspended MW Planning’s licence for not meeting its organisational competence and human resources obligations when it failed to appoint a new responsible manager following ASIC’s banning of Tohill.

ASIC also found that MW Planning had failed to lodge required financial statements and an auditor opinion for the 2024 financial year and report its failures to ASIC.

“ASIC has specified that MW Planning must remain a member of the Australian Financial Complaints Authority and maintain professional indemnity insurance cover during the suspension period,” it said.

According to the regulator, 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, and failed in his gatekeeper functions as compliance manager and responsible manager.

He also 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, as well as a range of other issues.

Last month, ASIC sought leave to commence proceedings that allege MWL operated a business model, involving its former director Maikousis and lead generator Imperial Capital Group Australia, that provided inappropriate financial advice to clients to invest their superannuation into the Shield.

The regulator alleged there were “serious failings in relation to Imperial’s referral of clients to MWL and the financial advice given by MWL advisers”.

Among the allegations is that between May 2022 and February 2024, nine MWL representatives advised at least 556 clients to make initial investments of about $114 million of their superannuation into Shield.

It also alleged that Imperial received (through a related entity) approximately $12.8 million in payments from entities associated with Shield for client referrals and the promotion of Shield.

ASIC’s investigations into Shield have found that at least 5,800 consumers invested funds totalling more than $480 million, primarily through superannuation platforms, the trustees for which were Macquarie Investment Management Limited and Equity Trustees Superannuation Limited.