Disputes about the financial advisers register

It explains:

• the financial advisers register
• what an 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 ASIC's ability to identify and monitor all registered financial advisers in Australia.

Who updates the financial advisers register?

While ASIC manages the register, Australian financial services (AFS) licensees 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 allowed 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 publicly. A list of the mandatory, conditional and optional information is available.

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

What should you do if you are concerned about 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 asking them to amend the incorrect information on the register. You can find contact details for AFS licensees on our professional register.

If after contacting the licensee you are still concerned about the accuracy of the information on the financial advisers register, you can lodge a report of misconduct with ASIC.

After you lodge a report with ASIC we may contact the lodging AFS licensee about your concerns. We may also consider further action depending on the evidence available and the specific circumstances.

Where can I get more information?

• Information about ASIC’s role and the laws we administer
• More information about the financial advisers register

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. We encourage you to seek your own professional advice to find out how the applicable laws apply to you, as it is your responsibility to determine your obligations.

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.