Banned and disqualified people

Providers of financial services and credit operating in Australia must be licensed by ASIC. They must meet specific requirements to get and hold their licence, and ASIC may cancel their licence or ban them if they fail to meet those requirements.

Before you invest, get financial advice or take on credit you should check ASIC’s registers to ensure the companies and people you are dealing with are licensed to provide financial services or credit and have not been banned.

Banned and disqualified register

You can look up people on our banned and disqualified register to see if they have been banned from providing financial advice, engaging in credit activities or disqualified from managing a company.

Financial adviser register

Our financial adviser register has details on where a financial adviser has worked, their qualifications, training, memberships of professional bodies and what products they can advise on.

Our MoneySmart website also has guidance on how to choose a financial adviser.

Financial services and credit licences

Companies that provide financial services must hold an Australian financial services (AFS) licence, while those offering credit to consumers must hold an Australian credit licence. These licences control the kinds of financial services and credit products they can offer and whether they can operate legally in Australia. Check ASIC Connect’s Professional Registers to find out if a company holds an AFS or credit licence.

Unlicensed companies list

Protect yourself by checking this list of companies you should not deal with that have contacted Australians with unsolicited offers of unlicensed investments or credit. If a company named on this list contacts you, do not deal with them.

Managed investment schemes

Managed investment schemes with more than 20 members must be registered with ASIC. You can check ASIC Connect’s ‘Organisation and business names search' to see if the scheme is registered.

Offer documents are required by law to help you make investment decisions. Fundraisers issue these documents and are legally responsible for them.  All registered managed investment schemes must lodge a product disclosure statement with ASIC. You can check they have done so on ASIC's OFFERlist database.

Product Disclosure Statements and prospectuses

If the company you want to invest with provides a product disclosure statement (PDS) or prospectus you should read the document to help you make an informed decision about the investment. You can check if the PDS or prospectus has been lodged with ASIC on our OFFERlist database.

Public warnings from ASIC

At times, ASIC also issues warnings to the public about investment products or websites that make false, misleading or deceptive statements about financial services. These warnings are issued after ASIC receives complaints from investors.

 

Last updated: 16/04/2019 05:43