How to Check a Financial Adviser's Disciplinary History in Australia

Before trusting someone with your financial future, it's worth spending 5 minutes checking their record. The Australian regulatory system tracks:

• Banning orders — ASIC can ban individuals from providing financial services
• Disqualification orders — preventing someone from managing a financial services business
• Enforceable undertakings — agreements where an adviser agrees to certain conditions after regulatory concerns
• AFCA complaints — disputes resolved through the external complaints body
• Court actions — civil or criminal proceedings related to financial services

Most Australian financial advisers have clean records. But a small number have been disciplined, and this information is publicly available. Checking takes less time than reading reviews — and is far more reliable.

Our directory lists 15,151 advisers — each profile links directly to their ASIC register entry so you can verify before making contact.

The Financial Advisers Register on moneysmart.gov.au is your primary tool. Search by name or adviser number.

• What to look for:**
• Status: "Current" — the adviser is currently authorised to provide advice. This is what you want to see.
• Status: "Ceased" — the adviser is no longer authorised. This could mean they retired, changed careers, or had their authorisation removed.
• Banning or disqualification orders — listed prominently if they exist. An adviser with a banning order cannot legally provide advice.
• Authorisation history — shows which licensees (employers) have authorised this adviser over time. Look for the duration of each authorisation.
• Qualifications — shows their educational credentials

• What a clean record looks like:**
• Current status with a reputable licensee
• Stable employment history (same licensee for 3+ years, or logical career progression)
• No banning, disqualification, or enforceable undertaking entries
• Appropriate qualifications listed

The Australian Financial Complaints Authority (afca.org.au) publishes determinations from resolved disputes. While not all complaints result in published determinations, significant cases are publicly searchable.

• How to search:**
• Visit afca.org.au and navigate to "Published decisions"
• Search by the adviser's name or their licensee name
• Review any determinations — note the nature of the complaint and the outcome

• Important context:**
• A complaint against a licensee does not necessarily reflect on an individual adviser
• AFCA deals with disputes, not criminal matters — a determination in favour of the complainant means the adviser or licensee failed to meet their obligations, not that they committed fraud
• No AFCA results is the expected outcome for most advisers

If you find a determination: Read it carefully. Consider the nature of the issue, when it occurred, and whether the adviser has since changed employers or practices. A single complaint from 10 years ago is very different from multiple recent complaints.

ASIC maintains a separate register of people who have been banned or disqualified from providing financial services.

• How to search:**
• Visit the ASIC Connect professional registers at connectonline.asic.gov.au
• Search the "Banned and Disqualified" register by name
• Review any entries — they will show the nature and duration of the ban

• Types of bans:**
• Permanent ban — the person can never again provide financial services in Australia
• Temporary ban — banned for a specific period (e.g. 3-10 years)
• Disqualification — prevented from managing a financial services business

If an adviser appears on this register, do not engage them for financial advice. It is illegal for them to provide personal financial advice while banned.

Beyond formal disciplinary records, watch for these warning signs:

• On the register:**
• Frequent employer changes — 3 or more licensee changes in 5 years may indicate compliance issues (though there can be legitimate reasons, like a licensee closing)
• Gaps in authorisation — periods where the adviser was not authorised may indicate suspension
• Very new authorisation — not a red flag by itself, but consider whether they have the experience for your situation

• In person:**
• Reluctance to provide their adviser number — every adviser has one, and it's your right to check
• Pressure to sign quickly — a good adviser gives you time to review their Statement of Advice
• Guaranteeing returns — no ethical adviser guarantees investment performance
• Recommending a single product without alternatives — may indicate conflicts of interest
• No Financial Services Guide (FSG) — they are legally required to give you one

General rule: If an adviser is hesitant about transparency, that's the biggest red flag of all. Legitimate advisers welcome scrutiny — it's what separates them from the bad actors.

If your research reveals disciplinary issues:

If the adviser is currently banned or suspended: Do not engage them. Report any attempt to provide financial advice to ASIC (1300 300 630).

If they have a past complaint but are currently authorised: Consider the context. A minor complaint from years ago, resolved and addressed, may not be disqualifying. Multiple complaints or a pattern of issues is a stronger reason to look elsewhere.

• If you're already a client and discover issues:**
• Review your Statement of Advice (SOA) and any product recommendations
• Consider getting a second opinion from another adviser
• If you believe you've received poor advice, contact the adviser's licensee first — this is called Internal Dispute Resolution (IDR) and is a required step before escalating
• If unresolved within 30 days (or if you receive a final IDR response you disagree with), lodge a complaint with AFCA (1800 931 678)
• For suspected fraud or criminal conduct, contact ASIC directly

• Useful contacts:**
• ASIC: 1300 300 630 or asic.gov.au
• AFCA: 1800 931 678 or afca.org.au
• National Debt Helpline: 1800 007 007 (free financial counselling)