Two more adviser bannings over Shield | Australian Markets

In additional fall-out from the Shield Master Trust the Australian Securities and Investments Commission has banned two former MWL Financial Services financial advisers for seven and 6 years respectively.

The regulator stated it had banned Rocco D’Amelio for seven years from 18 July and Robert Cross for six years from the identical date from offering financial providers, controlling an entity that carries on a financial providers business, or performing any perform concerned on carrying on a financial providers business.

ASIC discovered that every of the advisers gave inappropriate advice to sure shoppers which was not of their best pursuits, as they really helpful shoppers invest most of their superannuation into the High Growth class or the Growth class of the Shield Master Fund which have been high risk investments. Shield additionally had a restricted trading historical past.

ASIC additionally discovered that the advisers’ statements of advice to sure shoppers contained false and deceptive statements, implying they might get pleasure from higher returns by investing their superannuation into Shield, together with representations that Shield had a larger performing monitor report in opposition to different super funds when Shield had solely been in existence for a short period.

ASIC stated it has cause to imagine that every of the advisers will not be a match and correct individual, will not be adequately educated or competent and is more likely to contravene a financial providers law.