The Australian Securities and Investments Commission has banned former MWL Financial Services adviser Pardeep Singh from providing financial services for four years. The ban took effect on May 18, 2026, after ASIC found that Singh failed to act in certain clients’ best interests, provided inappropriate advice and made false or materially misleading statements about investments in the Shield Master Fund. Singh recommended that clients move substantial portions of their superannuation into new arrangements and invest about 75% in Shield’s high risk Growth or High Growth Class, which had no track record. Certain Statements of Advice used comparisons, projections and graphs suggesting that Shield had generated returns and outperformed alternatives since 2016, although the fund began operating in May 2021. Singh has applied to the Administrative Review Tribunal for a substantive review of the decision. The tribunal refused his application to stay publication and registration of the ban and for confidentiality orders, and the ban has been entered on ASIC’s Banned and Disqualified Register.
Australian Securities and Investments Commission bans former MWL adviser for four years over Shield advice failures
The Australian Securities and Investments Commission has banned former MWL adviser Pardeep Singh from providing financial services for four years over inappropriate Shield Master Fund advice and misleading performance claims. The ban took effect on May 18, 2026, and remains subject to a substantive Administrative Review Tribunal application after the tribunal refused stay and confidentiality orders.