Former MWL Financial Services Pty Ltd (MWL) financial adviser Christian Henry has been banned from providing personal financial advice, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business for three years.
In November 2025, ASIC banned Mr Henry for a period of five years after finding he gave inappropriate advice to three clients which was not in their best interests.
This included recommendations that they invest most of their superannuation into the High Growth class and the Growth class of the Shield Master Fund (Shield), which were high risk investments.
Mr Henry made an application to the Administrative Review Tribunal (ART) to review ASIC’s decision. Mr Henry also sought a stay of the decision and confidentiality orders.
On 5 January 2026, 9 January 2026, and 31 March 2026, the ART made a series of orders providing for a limited stay of the proceedings, subject to conditions.
On 30 June 2026, the ART ordered by agreement that Mr Henry’s banning period would be reduced from five years to three years and he is not prohibited from maintaining a passive ownership interest in BNR Financial Services Pty Ltd from the date of the orders until 31 August 2026, or from taking any steps (which would otherwise be prohibited) involved in divesting his interest in that entity.
Mr Henry’s banning has been recorded on the Banned and disqualified register.
Actions to consider if you are a client of MWL
If you are a client of MWL and have concerns about the conduct of your adviser or the advice you received, you should consider lodging a complaint with the Australian Financial Complaints Authority (AFCA).
AFCA is the external dispute resolution scheme for financial complaints in Australia and must deal with complaints independently and fairly. AFCA’s service is free for consumers.
AFCA can be contacted by:
- calling 1800 931 678 for free (9am – 5pm Melbourne time)
- lodging a complaint online on AFCA’s website
- AFCA will consider your complaint if it meets the eligibility criteria.
MWL remains a member of AFCA. Previous complaint deadlines no longer apply for now, but if you intend to lodge a complaint with AFCA in relation to advice received from MWL, it is still important to lodge a complaint with AFCA as soon as possible.
If you are an investor in Shield, there is a dedicated website to help you access support: visit takeyoursuperback.com.
This website is operated by Super Consumers Australia, an independent consumer advocacy organisation that is helping people impacted by the collapse of Shield understand what they can do. ASIC funded Super Consumers Australia to develop this website and support people who invested in Shield.
Background
Mr Henry was authorised by MWL Financial Services Pty Ltd from 27 February 2023 to 9 June 2023. His financial adviser number was 001291944.
MWL
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 (25-181MR, 25-180MR). Mr Henry 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 (25-127MR, 25-128MR, 25-146MR, 25-243MR, 25-245MR, 25-312MR, 26-023MR, 26-044MR, 26-062MR, 26-079MR, 26-155MR).
ASIC has also commenced proceedings against MWL, former director Nicholas Maikousis and Imperial Capital Group over alleged Shield advice failures (25-276MR).
In February 2024, ASIC halted new offers of investments in Shield. ASIC made interim stop orders on four product disclosure statements for Shield (24-018MR).
In June 2024, ASIC took action to secure the assets held within Shield (24-129MR). ASIC sought orders to preserve the assets of the scheme so that they may be recovered, to the extent available, for the benefit of investors while the investigation is continuing.
Consumer information
ASIC has issued a consumer alert warning amid increasing concerns that people are being enticed to invest their retirement savings into complex and risky schemes: 25-120MR Consumer alert. Be super smart, visit ASIC’s Moneysmart campaign page.
Stay Updated: ASIC will post important updates about the Shield Master Fund on its dedicated webpage: Shield Master Fund.