The Australian Securities and Investments Commission (ASIC) has banned former MWL financial adviser Nicole Niu for five years for giving inappropriate advice.
ASIC found Niu gave inappropriate advice to clients by recommending they invest most of their superannuation into the high-risk and medium-risk share classes of the Shield Master Fund.
Niu’s advice was deemed misleading because it implied her clients would enjoy better returns by investing their superannuation into Shield. It suggested Shield had outperformed alternatives for a significant period but this was incorrect as Shield only launched in May 2021.
The banning order – which took effect on 22 January 2026 – prevents Niu from providing financial services, 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 five years.
Liu lodged an application with the Administrative Review Tribunal seeking a review of ASIC’s decision, as well as applications for a stay and confidentiality orders pending the outcome of the ART review.
ART refused Niu’s request for stay and confidentiality orders and Niu subsequently withdrew her application for a review of the decision.
