Summary statistics
In the 2023-24 financial year (to 11 June 2024), ASIC has recorded 37 administrative outcomes relating to 31 financial advisers*. This is comprised
of:
• 24 bannings relating to financial advisers (Table 1), and
• 13 Financial Services and Credit Panel decisions on the conduct of financial advisers (Table 2).
In addition, ASIC also accepted a court enforceable undertaking from a financial adviser (Table 3).
*Note that there are instances where more than one type of administrative action is taken against a financial advisor. For example, in addition
to being banned from providing financial services, the individual may also be banned from providing credit services.
As at 11 June 2024, ASIC had 13 investigations on foot in relation to al eged misconduct in the financial advice sector.
Definitions
A
financial adviser as an individual who is:
• an Australian financial services (AFS) licensee, an authorised representative, employee or director of an AFS licensee, or an employee or
director of a related body corporate of an AFS licensee
• authorised to provide personal advice in relation to relevant financial products to retail clients (consumers).
This definition has been used to determine outcomes relating to financial advisers.
Table 1: Bannings and disqualifications relating to Financial Advisers in 2023-24 (to 11 June 2024)
Media Release
Date of Result Subject (Name)
Result(s)
Term
23-217MR
08-Aug-23
s 22
FS - Banning
Permanent
23-269MR
23-Sep-23
s 22
FS - Banning
3 Years
23-280MR
18-Oct-23
s 22
FS - Banning
8 Years
No MR
13-Nov-23
s 22
FS - Banning
2 years
1
23-311MR
16-Nov-23
Credit - Banning
10 Years
23-311MR
16-Nov-23
FS - Banning
10 Years
s 22
23-350MR
17-Nov-23
FS - Banning
7 Years 6 Months
23-315MR
20-Nov-23
FS - Banning
Permanent
23-336MR
06-Dec-23
Credit - Banning
5 Years
23-336MR
06-Dec-23
FS - Banning
5 Years
23-337MR
12-Dec-23
FS - Banning
Permanent
23-345MR
21-Dec-23
FS - Banning
Permanent
24-021MR
05-Feb-24
Credit - Banning
Permanent
24-021MR
05-Feb-24
FS - Banning
Permanent
24-052MR
11-Mar-24
FS - Banning
Permanent
No MR
08-Apr-24
FS - Banning
5 Years
24-085MR
18-Apr-24
Credit - Banning
Permanent
24-085MR
18-Apr-24
FS - Banning
Permanent
24-099MR
10-May-24
FS - Banning
Permanent
24-108MR
20-May-24
FS - Banning
3 Years
24-113MR
21-May-24
Credit - Banning
Permanent
24-113MR
21-May-24
FS - Banning
Permanent
24-117MR
22-May-24
Credit - Banning
Permanent
24-117MR
22-May-24
FS - Banning
Permanent
Note: There are instances where more than one type of administrative action is taken against a Financial Advisor.
2
Table 2: Financial Services and Credit Panel decisions relating to Financial Advisors in 2023-24 (to 11 June 2024)
Media Release
Date of Result
Result(s)
Term
FSCP Outcomes Register
26-Jul-23
Direction to report specified matters to ASIC
-
s 22
FSCP Outcomes Register
07-Aug-23
Written reprimand issued by FSC Panel
-
FSCP Outcomes Register
31-Aug-23
Direction to report specified matters to ASIC
-
FSCP Outcomes Register
31-Aug-23
Direction to report specified matters to ASIC
-
FSCP Outcomes Register
07-Sep-23
Written reprimand issued by FSC Panel
-
FSCP Outcomes Register
08-Sep-23
Direction to report specified matters to ASIC
-
FSCP Outcomes Register
21-Sep-23
Written warning issued by FSC Panel
-
23-335MR
01-Dec-23
Registration prohibition order
-
23-330MR
07-Dec-23
Registration prohibition order
-
FSCP Outcomes Register
23-Jan-24
Direction to undertake specified supervision
-
FSCP Outcomes Register
07-Mar-24
Written reprimand issued by FSC Panel
-
FSCP Outcomes Register
17-Apr-24
Supervision direction
-
FSCP Outcomes Register
13-May-24
Written reprimand issued by FSC Panel
-
Table 3: Court enforceable undertakings relating to Financial Advisors in 2023-24 (to 11 June 2024)
Media Release
Date of Result Subject (Name)
Result(s)
Term
24-027MR
20-Feb-24
s 22
Undertaken not to carry on a financial services
5 Years
business or provide financial services for five years
3
