Shane Monte Silva banned for five years over flawed Shield and First Guardian advice

26-072MR

banning10 Apr 2026

Respondent

Shane Monte Silva

Facts

Former financial adviser Shane Monte Silva has been banned from the financial services industry for five years after ASIC found he failed to act in certain clients’ best interests when recommending they switch their superannuation funds to invest in schemes including the Shield Master Fund (Shield) and the First Guardian Master Fund (First Guardian).

Outcome

ASIC banning order — Shane Monte Silva banned from the financial services industry for five years (effective 11 December 2025; announced 2026-04-10) after ASIC found he failed to act in clients' best interests on Shield and First Guardian advice. He has applied to the Administrative Review Tribunal for review. See the ASIC source for the full terms.

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Read the source

https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2026-releases/26-072mr-shane-monte-silva-banned-for-five-years-over-flawed-shield-and-first-guardian-advice

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