ASIC bans former MWL financial adviser Pardeep Singh for four years
The Australian Securities and Investments Commission (ASIC) has banned former MWL Financial Services Pty Ltd financial adviser Pardeep Singh from providing any financial services for four years.
ASIC found that Mr Singh failed to act in the best interests of certain clients, provided advice that was not appropriate for certain clients, and made statements that were false or materially misleading in certain Statements of Advice (SOAs) relating to investments in Shield.
The Commission found that Mr Singh recommended clients roll over substantial portions of their superannuation into new superannuation arrangements and invest approximately 75% of those funds in the Growth or High Growth Class of the Shield Master Fund, which was high risk, with no track record.
ASIC also found that certain SOAs provided by Mr Singh contained false or materially misleading statements regarding Shield’s historical performance. The SOAs included comparisons, projections and graphs suggesting Shield had generated returns and outperformed alternative products since 2016, despite Shield commencing operation in May 2021. ASIC found those statements were likely to induce clients to accept the recommendations.
The ban took effect on 18 May 2026. Mr Singh’s banning has been recorded on the Banned and disqualified register.
Mr Singh has applied to the Administrative Review Tribunal (ART) for review of ASIC’s decision and for orders preventing ASIC from entering the banning order on the public register, publishing the banning order in the Gazette and issuing a media release pending the Tribunal’s review.
On 30 September 2026, the parties were notified that the ART had refused the stay and confidentiality application.
Mr Singh’s substantive review application remains before the ART.
On 21 November 2025, Daniel Juratowitch and Rachel Burdett of Cor Cordis were appointed as liquidators of MWL.
On 25 August 2025, ASIC cancelled MWL’s Australian Financial Services licence, banned one of MWL’s directors and its responsible manager. Mr Singh is one of a number of former MWL financial advisers who have been banned by ASIC in respect of advice provided in relation to Shield.
ASIC has also commenced proceedings against MWL, former director Nicholas Maikousis and Imperial Capital Group over alleged Shield advice failures.
ASIC found that Mr Singh failed to act in the best interests of certain clients, provided advice that was not appropriate for certain clients, and made statements that were false or materially misleading in certain Statements of Advice (SOAs) relating to investments in Shield.
The Commission found that Mr Singh recommended clients roll over substantial portions of their superannuation into new superannuation arrangements and invest approximately 75% of those funds in the Growth or High Growth Class of the Shield Master Fund, which was high risk, with no track record.
ASIC also found that certain SOAs provided by Mr Singh contained false or materially misleading statements regarding Shield’s historical performance. The SOAs included comparisons, projections and graphs suggesting Shield had generated returns and outperformed alternative products since 2016, despite Shield commencing operation in May 2021. ASIC found those statements were likely to induce clients to accept the recommendations.
The ban took effect on 18 May 2026. Mr Singh’s banning has been recorded on the Banned and disqualified register.
Mr Singh has applied to the Administrative Review Tribunal (ART) for review of ASIC’s decision and for orders preventing ASIC from entering the banning order on the public register, publishing the banning order in the Gazette and issuing a media release pending the Tribunal’s review.
On 30 September 2026, the parties were notified that the ART had refused the stay and confidentiality application.
Mr Singh’s substantive review application remains before the ART.
On 21 November 2025, Daniel Juratowitch and Rachel Burdett of Cor Cordis were appointed as liquidators of MWL.
On 25 August 2025, ASIC cancelled MWL’s Australian Financial Services licence, banned one of MWL’s directors and its responsible manager. Mr Singh is one of a number of former MWL financial advisers who have been banned by ASIC in respect of advice provided in relation to Shield.
ASIC has also commenced proceedings against MWL, former director Nicholas Maikousis and Imperial Capital Group over alleged Shield advice failures.