Australia’s corporate regulator has banned Melbourne compliance figure Robert John Tohill for five years from providing financial services, holding key governance roles in the sector or controlling an entity that carries on a financial services business.
The action follows an ASIC investigation into conduct at MWL Financial Services Pty Ltd, where Mr Tohill served as compliance manager from December 2016 and was appointed a responsible manager in December 2021. ASIC determined he was involved in contraventions of financial services laws by another person and failed in gatekeeper functions while overseeing compliance at the firm.
According to the regulator, Mr Tohill sat on the investment committee that continued to evaluate and approve the Shield Master Fund, reviewed and approved template Statements of Advice and certain client Statements of Advice that included false and misleading information about the fund’s performance history, and omitted required information about MWL’s arrangements with lead generators. He was also responsible for the content of Financial Services Guides that did not disclose required information about those lead‑generator arrangements, and for maintaining MWL’s compliance manual, including its conflicts policy.
Mr Tohill can apply to the Administrative Review Tribunal for a review of the decision. The ban has been added to ASIC’s banned and disqualified register.
The move comes amid wider regulatory action around the Shield Master Fund. ASIC halted new offers of investments in February 2024 by issuing interim stop orders on four product disclosure statements. In June 2024, ASIC took action to secure the assets held within the fund, seeking court orders to preserve them for the benefit of investors while its investigation continues.
ASIC understands that since February 2022 at least 5,800 consumers have invested more than $480 million in the fund, primarily via superannuation platforms whose trustees were Macquarie Investment Management Limited and Equity Trustees Superannuation Limited. The investigation to date suggests potential investors were contacted by lead generators and referred to personal financial advice providers who advised them to roll their superannuation into a retail choice superannuation fund available on a choice platform and then invest part or all of their superannuation into the Shield Master Fund.
The regulator is investigating the circumstances surrounding the fund, including Keystone Asset Management Ltd (in liquidation), the fund’s responsible entity, and its directors and officers, the role of the superannuation trustees, certain financial advisers who recommended the fund, lead generators and others.
ASIC has previously banned four former MWL financial advisers over advice provided in relation to the fund, including bans of four and eight years, and a further two bans announced this year.
Consumers who have concerns about advice received from MWL Financial Services Pty Ltd (AFSL 235096) can contact the firm directly via email or phone. If complaints are not resolved, they can be escalated to the Australian Financial Complaints Authority. ASIC is providing updates about the fund on a dedicated webpage.
