The Australian Securities and Investments Commission (ASIC) has announced that it has banned Louis Van Coppenhagen 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.
Van Coppenhagen was previously authorised by United Global Capital (UGC) from April 2018 to July 2021 and MWL Financial Services from 7 August 2022 to June 2023.
ASIC said that Van Coppenhagen gave inappropriate advice to certain clients which was not in their best interests while authorised by MWL.
“Van Coppenhagen recommended certain MWL clients invest most of their superannuation into the ‘High Growth’ or ‘Growth’ class of the Shield Master Fund (Shield) which were high risk investments,” ASIC said.
The regulator added that Van Coppenhagen, while authorised by UGC, was instrumental to the implementation of UGC’s advice model, including preparing a template Advice Proposal Document.
ASIC said it has reason to believe that Van Coppenhagen is “not a fit and proper person, is not competent and is likely to contravene a financial services law”.
The banning order took effect from 16 December 2025, however Van Coppenhagen has the right to review the decision in the Administrative Review Tribunal.
In July 2024, ASIC cancelled UGC’s AFSL for providing conflicted personal advice concerning highly speculative investments, while also banning its director, Joel Hewish, for 10 years.
UGC’s “advice model” included cold calls to consumers for a “superannuation health check” and encouraging them to rollover their superannuation into an SMSF, according to an October 2024 Federal Court judgment.
In the judgment released, Justice Neskovcin detailed the extent of the complications afflicting the firm and its “UGC Advice Model”.
“UGC ran promotional campaigns offering prospective clients the opportunity to win an iPhone or similar prize. UGC’s representatives used the contact details provided to contact the prospective clients to offer a ‘free general superannuation health check’. The prospective clients were asked certain questions to ascertain if they were suitable to be referred to UGC,” the judgment said.
“Under the UGC Advice Model, the CARs called prospective clients to ascertain their superannuation balance, the fund it was held in, whether they were working and their age. Next, a ‘super specialist’ gave a presentation to prospective clients, the effect of which was to recommend that the prospective clients transfer their retirement savings from their regular superannuation accounts into a self-managed superannuation fund and invest in related entities, such as GCPF, through the SMSF.”
ASIC has also sought to commence proceedings in the Federal Court that allege MWL operated a business model, involving its former director Nicholas Maikousis and lead generator Imperial Capital Group Australia, that provided inappropriate financial advice to clients to invest their superannuation into the Shield.
The announcements follow ASIC cancelling the Australian Financial Services licence of MWL Financial Services and banning Maikousis for 10 years over conduct in relation to Shield.
ASIC also banned the firm’s responsible manager and compliance manager, Robert John Tohill, from providing any financial services for five years.
ASIC also banned 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.
