Disputes about the financial advisers register

This information sheets explains:

  • the financial advisers register
  • what an Australian financial services (AFS) licensee’s obligations are when maintaining the details of financial advisers on the register
  • what you should do if you are concerned about the information on the register.

What is the financial advisers register?

The register is a public record of financial advisers who provide personal advice about certain financial products to retail clients. It allows consumers to:

  • check that their financial adviser is appropriately authorised to provide advice
  • find out more information about their adviser before receiving financial advice.

It also gives financial services employers a greater ability to assess the qualifications of new or prospective employees, as well as improving our ability to identify and monitor all registered financial advisers in Australia.

Who updates the financial advisers register?

While we manage the register, AFS licensees themselves provide the details and information recorded in the register. ASIC doesn’t have the power to determine whether this information is accurate or appropriate, and we are not able to change the register except in very specific circumstances under the law or when we have a court order.

The information AFS licensees are asked to provide to the register may be mandatory, conditional or optional. For example, certain personal information about financial advisers – such as their name, date of birth and country of birth – is mandatory information. AFS licensees must also give details of financial advisers’ authorisations to provide advice about at least one financial product. In addition, some information may be required but will not display publically. A list of the mandatory, conditional and optional information is available.

AFS licensees must verify the information from an employee before updating the register.

What you should do

If you have concerns about the accuracy of information on the register

If you are concerned about the quality or truthfulness of information on the register, you should first contact the AFS licensee that provided the information. You can write to them requesting further information and/or that they amend the incorrect information on the register. You can find contact details for AFS licensees on our professional register.

If you have contacted the AFS licensee about their information on the register and you are unhappy with the outcome

If after contacting the licensee you are still concerned about the details on the FAR, you can lodge a report of misconduct with ASIC.

ASIC and disputes about the financial advisers register

If you are concerned about information contained on the register, you should first contact the AFS licensee whose information you think is inaccurate or misleading and request that they clarify or correct it. If after you have contacted the licensee the information on the register remains unchanged and of concern, you can lodge a report notifying ASIC that the information on the register is incorrect.

After you lodge a report with ASIC we will contact the lodging AFS licensee and request that they update their information on the register. If the licensee does not meet our request, we will base any further action we take on the benefit to the public.

Where can I get more information?

Important notice

Please note that this information sheet is a summary giving you basic information about a particular topic. It does not cover the whole of the relevant law regarding that topic, and it is not a substitute for professional advice. You should also note that because this information sheet avoids legal language wherever possible, it might include some generalisations about the application of the law. Some provisions of the law referred to have exceptions or important qualifications. In most cases your particular circumstances must be taken into account when determining how the law applies to you.

This is Information Sheet 202 (INFO 202). Information sheets provide concise guidance on a specific process or compliance issue or an overview of detailed guidance. Reissued July 2015.

 

Information about whistleblowers

ASIC and whistleblowers

Asic Whistleblower Thmb

Warren Day, Senior Executive Leader, Assessment and Intelligence talks about ASIC's role in relation to whisteblowers.

Read the transcript


The Corporations Act and whistleblowers

Corp Whistleblower Thmb

How the Corporations Act recognises and protects whistleblowers.

Read the transcript


Fair Work Ombudsman

You can contact the Fair Work Ombudsman if you would like to report someone who isn't complying with workplace laws or you need help in resolving a workplace issue.


Last updated: 23/03/2016 03:08