Former UGC and MWL adviser banned over advice connected to Shield

Jovan Videkanic was banned 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 seven years.

ASIC found that Videkanic gave inappropriate advice to certain clients which was not in their best interests between July 2020 and February 2024 to:

• establish a self-managed superannuation fund, rollover their existing superannuation into the SMSF and invest a significant portion of their retirement savings into the Global Capital Property Fund, a highly speculative investment when he was authorised by United Global Capital; and
• invest most of their superannuation into the High Growth class or the Growth class of the Shield Master Fund which were high risk investments or the Balanced class which was a medium-high risk investment when he was authorised by MWL Financial Services.

ASIC also found that Videkanic’s statements of advice to certain clients contained false and misleading statements, implying they would enjoy better returns by investing their superannuation into Shield, including representations that Shield had a higher performing track record against other super funds when Shield had only been in existence for a short period.

Videkanic was also a member of MWL’s investment committee. He was previously authorised by UGC from July 2020 to February 2022 and authorised by MWL from 7 February 2022.

ASIC was concerned that UGC and its representatives gave conflicted personal advice to clients, specifically those advised to establish a self-managed superannuation fund (SMSF) and invest in highly speculative investments related to UGC director Joel Hewish. This included a company called Global Capital Property Fund Limited (GCPF).

This is despite UGC advisers telling clients they were not receiving personal financial product advice.

The day after the banning order took effect on 26 August 2025, Videkanic lodged an application with the Administrative Review Tribunal (ART) seeking a review of ASIC’s decision, as well as an application for a stay and confidentiality orders pending the outcome of the ART review.

On 17 October 2025, Videkanic withdrew his application for a stay and confidentiality orders in the ART. His review application with the ART remains ongoing.

Earlier this week, ASIC announced it had banned fellow MWL investment committee member Wade Spooner for eight years.

The announcements follow ASIC cancelling the Australian Financial Services licence of MWL Financial Services and banning director Nicholas Maikousis for 10 years over conduct in relation to the Shield Master Fund.

ASIC found MWL operated what it called a “low-cost advice project” from 2021 to receive referrals from telemarketers/lead generators and to recommend clients invest their superannuation in Shield. Between September 2021 and February 2024, MWL recommended Shield to more than 750 clients who collectively invested $155 million.

“Clients who seek advice from financial advisers should be able to trust that the advice they receive will be in their best interest. Failing to manage conflicts has the potential to cause consumers to be given financial product advice that may not suit their needs,” said ASIC deputy chair Sarah Court in August.

ASIC also banned the firm’s responsible manager and compliance manager, Robert John Tohill, from providing any financial services for five years.

“Mr Tohill commenced as compliance manager at MWL in December 2016 and was appointed as one of MWL’s responsible managers in December 2021,” ASIC said in a statement.

“Whilst at MWL, certain financial advisers provided personal financial product advice to consumers who invested in the Shield Master Fund.”

In cancelling MWL’s licence, ASIC required MWL to remain a member of AFCA until 25 August 2026.

MWL, Maikousis and Tohill have the right to apply to the Administrative Review Tribunal for a review of ASIC’s decisions.

The action follows ASIC banning four MWL Financial Services advisers in July, beginning with Isaac Jacob McQueen and Matthew Simon Bradley for a period of four and eight years, respectively.

Later that month, ASIC announced it had banned MWL advisers Rocco D’Amelio and Robert Crossing from providing financial services for a period of seven and six years, respectively.