The Administrative Review Tribunal (ART) has affirmed ASIC’s decisions to ban former financial advisers Andrew Hanley and Shane Monte Silva from providing financial services for five years.

The ART found that both advisers participated in flawed advice models that failed to place clients’ interests first and resulted in inappropriate superannuation switching advice.

Flawed advice models

The ART decisions identified risks and deficiencies in advice models that relied on unlicensed third-party telemarketers and paraplanners to perform key parts of the advice process.

Under the models, advisers had little or no involvement in the initial fact-finding process and generally reviewed the advice only shortly before presenting it to clients.

The ART found that a financial adviser cannot outsource responsibility for conducting a proper fact-find to an unlicensed third-party marketer or responsibility for the content of a Statement of Advice to an unlicensed paraplanner. These obligations fall personally on the adviser.

The ART observed that licensed financial advisers must have material input into the fact-finding process and advice-drafting processes, speak directly with clients about their objectives, financial situation and needs, conduct their own investigations into recommended products and develop advice responsive to each client.

The ART identified high-volume advice models and templated advice processes as features in each case. Clients with different personal and financial circumstances received materially similar advice, including recommendations that they invest almost all of their switched superannuation in First Guardian investments.

The ART found that it was not reasonable for an adviser to participate in a model that gave the adviser such a limited role and resulted in clients’ best interests not being met, particularly where the advice concerned switching superannuation.

ASIC Commissioner Alan Kirkland said the decisions reinforce that financial advisers remain personally responsible for the advice provided to their clients.

‘Financial advisers cannot outsource their legal obligations to unlicensed marketers, lead generators or paraplanners.

‘Advisers must personally understand their clients’ circumstances, critically assess the information gathered and investigate the products they recommend. Simply presenting advice prepared through a high-volume, templated process does not meet those obligations.

‘Superannuation is for many people one of their most valuable assets. Its role is to support their quality of life in retirement. Advisers recommending that clients switch their retirement savings must exercise particular care and ensure the advice is genuinely in the client’s best interests,’ Mr Kirkland said.

The ART decisions reinforce ASIC’s ongoing focus on high-risk superannuation switching and advice licensees’ use of lead-generation services. ASIC continues to target practices that inappropriately or unnecessarily encourage consumers to switch their superannuation.

Andrew Hanley

The ART affirmed ASIC’s decision to ban Andrew Hanley, of Victoria, from providing financial services for five years.

The ART found that Mr Hanley failed to act in the best interests of six clients and provided advice that was not appropriate to their circumstances. Four clients were advised to invest in First Guardian, while two were advised to switch to Venture Egg model portfolios.

Mr Hanley was an authorised representative of Interprac Financial Planning Pty Ltd and worked within the Venture Egg advice model.

The ART found that Mr Hanley had little or no interaction with the relevant clients or input into the preparation of the advice. He generally had only minutes to review the advice and assess its adequacy before joining calls to present it to clients.

During the ban, Mr Hanley is prohibited from providing financial services, controlling an entity that carries on a financial services business, or performing any function involved in carrying on a financial services business.

Read the ART’s decision concerning Andrew Hanley.

Shane Monte Silva

The ART affirmed ASIC’s decision to ban Shane Monte Silva from providing financial services for five years.

The ART found that between July and August 2023, Mr Monte Silva, while an authorised representative of Financial Services Group Australia (in liquidation) (FSGA), advised five clients to roll their existing superannuation into platforms with substantial investments in Shield and First Guardian.

The ART found that Mr Monte Silva had no involvement in gathering key client information, had limited opportunity to assess clients’ circumstances and often saw Statements of Advice only shortly before presenting them to clients. He relied on information prepared by others rather than personally identifying clients’ objectives, financial circumstances and needs.

The ART also found that the advice process formed part of a high-volume model and involved templated Statements of Advice. Three clients with markedly different personal circumstances were advised to invest almost all of their superannuation in First Guardian investments. The substantial similarities between the Statements of Advice indicated the advice was not based on each clients’ individual needs.

In three cases, Mr Monte Silva presented advice to a client, supposedly reflecting his own advice, where the Statement of Advice was in the name of another person.

During the ban, Mr Monte Silva is prohibited from providing financial services, controlling a financial services business, or performing any function involved in carrying on a financial services business.

Read the ART’s decision concerning Shane Monte Silva.

Background

ASIC banned Shane Monte Silva on 10 December 2025 after finding that he contravened financial services laws when providing superannuation switching advice to five clients. Mr Monte Silva applied to the ART for review of ASIC’s decision.

ASIC banned Andrew Hanley in March 2026. Mr Hanley also applied to the ART for review of ASIC’s decision. His application for orders preventing ASIC from publicising the decision was dismissed.

On 7 September 2026, the ART affirmed both banning decisions.

Mr Monte Silva was an authorised representative of FSGA from 24 May 2023 to 10 March 2025 while employed as a financial adviser at AS Financial Planning Pty Ltd.

Mr Hanley was an authorised representative of Interprac from 28 March 2023 to 15 August 2024. He was employed by Venture Egg, a partnership comprising Ferras Merhi Pty Ltd & United Financial Advice Pty Ltd and a corporate authorised representative of Interprac.

AFCA has dedicated information for consumers affected by the collapses of Shield and First Guardian, including guidance about preparing a complaint and the documents that may be needed to support it.

ASIC is conducting multiple investigations into conduct connected to Shield and First Guardian.

ASIC’s Moneysmart website provides information about problems with a financial adviser and how consumers can protect their super from pushy sales calls.

ASIC has also commenced a review of advice licensees that use lead-generation services.

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.