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ARTICLE · 15 SEPTEMBER 2025

APAC Monthly Private Wealth Legal Developments – August 2025

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

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The ASIC has cancelled the MWL Financial Services' licence for operating a 'low cost advice project' from 2021 to receive referrals from telemarketers/lead generators...

GlobalFinance and Banking
Richard Norridge
Richard Norridge
Jojo Fan
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Australia

ASIC cancels AFS licence of MWL Financial Services

The ASIC has cancelled the MWL Financial Services' licence for operating a 'low cost advice project' from 2021 to receive referrals from telemarketers/lead generators, and to recommend clients invest their superannuation in Shield.

ASIC has accused MWL of a number of compliance failures, including not taking reasonable steps to ensure its advisers provided advice that was appropriate and in the best interest of the client, providing template statements of advice that contains misleading representations of Shield's past performance and failing to have adequate arrangements in place to manage conflicts of interest.

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