ASIC Registered vs Unregistered Financial Advisers

In Australia, anyone who provides personal financial advice must be registered on the ASIC Financial Advisers Register. This register is maintained by the Australian Securities and Investments Commission (ASIC) and is publicly searchable at moneysmart.gov.au.

• Being on the register means the adviser:
• Holds an Australian Financial Services (AFS) licence, or is an authorised representative of a licensee
• Has met the education and training standards (a relevant degree, professional year, and national exam)
• Is subject to ongoing professional development requirements
• Must comply with the Corporations Act, including the best interest duty
• Has professional indemnity insurance through their licensee

The ASIC Financial Advisers Register shows:

• Name and employer — who the adviser works for and under which licence
• Authorisations — what types of advice they are authorised to provide
• Qualifications — their educational credentials
• Start date — when they were first registered
• Disciplinary history — any banning orders, conditions, or ASIC enforcement actions

This information is free and publicly available. Always check the register before engaging a financial adviser.

Registration is required for anyone who:

• Provides personal financial advice — advice that takes into account your individual circumstances
• Deals in financial products on behalf of clients
• Operates a financial services business

• Registration is not required for:
• Providing general information about financial products (not tailored to your situation)
• Accountants providing tax advice within their tax agent registration
• Mortgage brokers (who have separate licensing requirements under the National Consumer Credit Protection Act)
• General insurance brokers (who have separate AFS licence requirements)

If someone is providing personal advice about investments, superannuation, or insurance without being on the register, they may be operating illegally.

As of January 2026, all financial advisers must meet these education standards:

• Hold an approved bachelor's degree (or higher) in a relevant field — existing advisers had a transition period ending 1 January 2026
• Complete an approved professional year program (at least one year of supervised practice) — required for new entrants since 2019
• Pass the Financial Adviser Exam — a standardised national exam (deadline for existing advisers was 1 January 2022)
• Complete 40 hours of continuing professional development each year

The transition to these higher standards (introduced by FASEA, now administered by Treasury) resulted in a significant reduction in registered advisers — from over 28,000 in 2018 to approximately 15,500 today. Many advisers chose to leave the industry rather than complete the additional education requirements.

When you use a registered financial adviser, you benefit from:

• Best interest duty — the adviser must act in your best interest
• Financial Services Guide (FSG) — a document explaining the adviser's services, fees, and how complaints are handled
• Statement of Advice (SOA) — a detailed document setting out the advice, its basis, and all costs
• Professional indemnity insurance — through the adviser's licensee, providing a source of compensation if something goes wrong
• Access to AFCA — the Australian Financial Complaints Authority provides free external dispute resolution
• ASIC oversight — ASIC monitors and enforces compliance, with powers to ban or sanction advisers

These protections do not apply when dealing with unregistered individuals.

If you have a problem with a registered financial adviser:

• Raise it with the adviser first — many issues can be resolved directly
• Contact the licensee — the AFS licensee has obligations to handle complaints
• Lodge a complaint with AFCA — the Australian Financial Complaints Authority provides free, independent dispute resolution for financial services complaints
• Report to ASIC — if you believe an adviser has engaged in misconduct, report it to ASIC

For unregistered individuals, these complaint pathways may not be available — which is why using a registered adviser is so important.

• Key contacts:**
• ASIC: 1300 300 630
• AFCA: 1800 931 678
• National Debt Helpline: 1800 007 007 (free financial counselling)