The Australian Securities & Investments Commission (ASIC) has suspended the licence of MW Planning Pty Ltd until 8 June 2026 for failing to appoint a new responsible manager after ASIC banned its existing responsible manager, Robert John Tohill.
ASIC also found that MW Planning had failed to lodge required financial statements and an auditor’s opinion for the 2024 financial year and did not report those failures to ASIC. The firm must remain a member of the Australian Financial Complaints Authority and maintain professional indemnity insurance cover during the suspension period.
It comes after ASIC banned two financial advisers from the firm, Melbourne-based financial adviser Wade Lance Spooner and Jovan Videkanic, earlier this year for providing unsuitable advice to invest superannuation funds into high-risk investments.
ASIC found that the advisers recommended clients invest most of their superannuation into the high growth class and growth class of the Shield Master Fund, which were considered high-risk investments. Shield also had a limited trading history at the time.
ASIC cancelled the firm’s licence and banned Tohill on 25 August 2025.
