How to Check a Financial Adviser's Disciplinary History

Information that's publicly available but rarely checked

If a financial adviser has been the subject of regulatory action - such as a banning order, enforceable undertaking, or licence condition imposed by ASIC - that information is publicly available. ASIC maintains these records so consumers can make informed decisions about who they trust with financial advice. Most people never check it.

Checking an adviser's disciplinary history takes about the same amount of time as reading a restaurant review. Given what is at stake, it is worth doing.

What disciplinary history means

Disciplinary history on the ASIC Financial Advisers Register refers to formal regulatory actions taken against an adviser. This can include:

Banning orders - ASIC has prohibited the adviser from providing financial services, either permanently or for a specified period.

Enforceable undertakings - legally binding agreements requiring the adviser to take corrective action, usually instead of more severe sanctions.

Licence conditions - restrictions or additional oversight placed on an adviser or their licensee.

Criminal convictions - relevant convictions recorded where applicable.

Not all disciplinary history means an adviser is untrustworthy today. A minor matter resolved years ago is different from a recent banning order. Context matters, which is why reading the detail rather than just noting that something exists is important.

How to check on this directory

Each adviser profile on this directory shows disciplinary history as recorded on the ASIC Financial Advisers Register. You can search for an adviser by name or suburb and view any regulatory actions recorded against them. Our guide on how to read an adviser profile explains how to interpret the disciplinary history section alongside qualifications, authorisations and experience.

Because our data is updated weekly rather than in real time, it is recommended that you also verify directly with ASIC before making any significant financial decisions.

How to check directly with ASIC

The ASIC Financial Advisers Register can be searched at moneysmart.gov.au/financial-advice/financial-advisers-register. You can search by adviser name or registration number. On the adviser's profile, look for the "Disciplinary information" or "Regulatory actions" section.

ASIC also publishes significant enforcement actions through its official media releases at asic.gov.au. These releases provide full details of each case, including what ASIC found, the conduct involved, and the outcome.

For ongoing updates, our Industry News section also reports on significant ASIC enforcement actions as they are announced.

Checking the licensee as well

It is also important to check the disciplinary history of the licensee - the firm the adviser operates under - as this provides broader context about compliance culture and oversight. A licensee with a history of regulatory action, or whose licence has been suspended or subject to conditions, is relevant context even if the individual adviser's record is clean.

Licensee information is available through ASIC's professional registers at connectonline.asic.gov.au. Search for the firm under "Australian Financial Services Licensee" to see the licence status and any conditions or actions. You can read more about what an AFS licence is and what to look for when checking one.

How to interpret disciplinary history

Finding something in an adviser's disciplinary history does not automatically mean you should walk away - but it does mean you should understand what happened before you proceed.

Questions worth asking yourself when you find disciplinary history:

How recent is it? A matter resolved ten years ago under very different regulatory conditions is not the same as something from the past two or three years.

How serious was it? A banning order based on fraud or deliberate misconduct is fundamentally different from a technical compliance breach. Read the ASIC media release to understand the nature of the finding.

Has it been resolved? An enforceable undertaking that has been completed and discharged is different from an ongoing condition or restriction.

Has the adviser changed firms or compliance structure since? Some advisers who have had disciplinary history have moved to different licensees with stronger compliance frameworks, or have significantly changed how they operate. Others have not.

You can ask the adviser directly about any disciplinary history you find. How they respond - whether they are open and forthcoming or evasive - tells you something useful in itself.

What a clean record does and does not mean

A clean disciplinary record on the ASIC register means ASIC has not taken formal action against that adviser. It does not mean complaints have never been made, that clients have never been dissatisfied, or that the advice has always been good. ASIC typically acts on serious or systemic misconduct - not every case of poor advice results in regulatory action.

Disciplinary history is one input into your assessment, not the only one. It should be considered alongside the adviser's qualifications, experience, authorisations and the quality of their Financial Services Guide and initial meeting.

If you find something concerning

If you discover disciplinary history that concerns you and you are already a client of that adviser, you have options. You can raise your concerns directly with the adviser or their licensee, or you can make a complaint through AFCA if you believe you have suffered loss as a result of the advice. You can also report concerns about ongoing misconduct to ASIC at 1300 300 630.

Finding an adviser with a clean record

You can search for registered financial advisers near you in this directory. Each profile includes disciplinary history (where applicable), qualifications, authorisations and experience. Once you have found someone whose record looks clean, our guides on how to choose a financial adviser and what to ask before you hire them cover the next steps. Advisers are listed across all states and territories including New South Wales, Victoria, Queensland, South Australia and Western Australia.