Overview

ASIC originally banned former MWL Financial Services adviser Christian Henry for five years in November 2025. The ban followed a finding that Henry gave inappropriate advice to three clients, recommending they place most of their superannuation into the high-risk Shield Master Fund.

Henry challenged the ban at the Administrative Review Tribunal (ART). On 30 June 2026, the ART agreed by consent to reduce the ban from five years to three years.

What the ban covers

Henry is banned for three years from:

Henry is permitted to maintain a passive ownership interest in BNR Financial Services Pty Ltd until 31 August 2026, and to take steps to divest that interest.

Status of MWL Financial Services

MWL Financial Services is in liquidation. Daniel Juratowitch and Rachel Burdett of Cor Cordis were appointed as liquidators on 21 November 2025. MWL's Australian Financial Services licence was cancelled on 25 August 2025.

Henry is one of at least 12 former MWL advisers banned by ASIC over Shield Master Fund-related advice.

Key actions

If you were a client of MWL

Complaints about advice received from MWL can be lodged with the Australian Financial Complaints Authority (AFCA). MWL remains an AFCA member and previous complaint deadlines no longer apply. AFCA can be contacted by phone on 1800 931 678 (free call, 9am-5pm Melbourne time) or online at afca.org.au.

If you invested in the Shield Master Fund

Dedicated support information for Shield Master Fund investors is available at takeyoursuperback.com. This site is run by Super Consumers Australia and is funded by ASIC.

Checking an adviser's status

The ASIC Banned and Disqualified Register records Henry's ban. The register is searchable at asic.gov.au.

Further updates

ASIC has stated it will post important updates about the Shield Master Fund on its dedicated Shield Master Fund webpage.

This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.