Former MWL Adviser Isaac McQueen banned for 4 years
ASIC (Australian Securities and Investments Commission) has banned Queensland-based former financial adviser Isaac Jacob McQueen for four years, effective 17 June 2025. Under this banning, Mr McQueen is prohibited from:
Providing financial services;
Controlling or managing any financial services business; or
Performing any role involved in running a financial services business.
ASIC found that Isaac McQueen gave inappropriate advice that wasn’t in his clients’ best interests. This occurred when Mr McQueen advised his clients to invest most of their superannuation in the High Growth or Growth classes of the Shield Master Fund. Both of these options were high-risk options and had a very limited trading history.
Mr McQueen was authorised by MWL Financial Services Pty Ltd (MWL) from 31 October 2022 to 9 June 2023.
The banning order took effect on 17 June 2025.
Mr Isaac Jacob McQueen’s banning has been recorded on Banned and Disqualified Register.
This information is based on the ASIC Media Release (25-127MR) from the 9th of July 2025 and is true at the time of publishing.
If you are former client of Mr Isaac Jacob McQueen, and you have suffered financial loss as a result of inappropriate advice, we can help you work out if you have an AFCA complaint, and help you with the process.
More information about the Shield Master Fund
In February 2024, ASIC halted new investment offers into the Shield Master Fund by issuing stop orders on multiple product disclosure statements. Since February 2022, over $480 million has been invested in the Shield Master Fund by more than 5,800 consumers, mostly through superannuation platforms managed by Macquarie and Equity Trustees.
Then, in June of 2024, ASIC moved to secure the assets within Shield Master Fund. ASIC sought orders to preserve these assets so that they may be recovered, as far as possible, for the benefit of the investors.
ASIC is still investigating the situation surrounding the Shield Master Fund, including the responsible entity (Keystone Asset Management Ltd), its directors, trustees, lead generators, and advisers.
