ASIC Enforcement Update — Recent Actions Against Advisers

What recent enforcement actions tell us about ASIC priorities

Recent Enforcement Trends

ASIC continues to take enforcement action against advisers and licensees where poor advice quality, inadequate documentation, and fee disclosure failures are identified. Recent actions have resulted in court-enforceable undertakings, licence conditions, and in some cases bans from providing financial services.

Common Compliance Gaps

ASIC enforcement actions consistently identify common themes: inadequate fact-finding, boilerplate SOA language, failure to conduct proper replacement product analysis, and incomplete fee disclosure. These are the same issues AdviserCheck flags in its six-layer compliance analysis.

Lessons for Advice Practices

Proactive file reviews are the most effective way to identify and correct compliance gaps before they become enforcement issues. Practices that conduct regular internal reviews are better positioned to demonstrate compliant advice processes to ASIC if required.

How AdviserCheck Helps

AdviserCheck reviews every advice document against the same regulatory standards ASIC enforces. By identifying compliance gaps before advice is finalised, advisers can correct issues proactively rather than facing enforcement action later.

Recent Enforcement Actions

ASIC has maintained its aggressive enforcement stance following the Royal Commission. Recent actions include: banning orders against individual advisers who breached the best interests duty, civil penalty proceedings against licensees for systemic compliance failures, and enforceable undertakings requiring comprehensive remediation programs. Courts have imposed multi-million dollar fines for serious contraventions.

ASIC has particularly focused on: failure to act in clients' best interests when recommending product replacements, inadequate disclosure of fees and conflicts of interest, non-compliance with ongoing fee arrangement obligations, and misleading representations about financial products. The regulator has also targeted licensees that fail to adequately supervise their authorised representatives.

Surveillance and Detection Methods

ASIC has substantially upgraded its surveillance capabilities. The regulator now uses data analytics to scan advice documents for common compliance issues, cross-reference client data across multiple licensees to identify patterns of inappropriate advice, and monitor digital marketing for misleading financial product representations.

ASIC conducts regular proactive surveillance campaigns targeting specific advice areas such as SMSF establishment advice, insurance replacement advice, and retirement income strategies. Licensees selected for surveillance must produce a sample of advice files for review. The increased detection capability means compliance failures that may have previously gone unnoticed are now more likely to be identified.

What This Means for Consumers

For consumers, increased enforcement provides stronger protection. If you received advice that you believe was not in your best interests, you have multiple avenues. Start by lodging a complaint with your adviser's internal dispute resolution process — all licensees are required to have one. If you are unsatisfied with the outcome, escalate to AFCA, which handles complaints for free. You can also report the matter to ASIC directly through their website.

ASIC maintains a public register of banned and disqualified advisers on their website. It is worth checking this register before engaging a new adviser or if you have concerns about your current adviser. If your former adviser has been banned or subject to enforcement action, you may be entitled to compensation through the licensee's remediation program or through AFCA. Time limits apply for lodging complaints — generally two years from becoming aware of the problem — so do not delay if you believe you have received inappropriate advice.

Frequently Asked Questions

How do I check if my adviser has been subject to ASIC enforcement?
Check ASIC's Financial Advisers Register and the banned and disqualified persons register. You can also search ASIC's website for media releases about enforcement actions.

Can I get compensation if my adviser breached the best interests duty?
Yes. Lodge a complaint with the licensee's IDR process first. If unsatisfied, escalate to AFCA which can award compensation up to $1 million ($5.36 million for superannuation complaints).

What is an enforceable undertaking?
A court-enforceable commitment by a licensee to take specific actions to address compliance failures. Breaching an enforceable undertaking can result in court action and additional penalties.

How does ASIC prioritise investigations?
ASIC prioritises based on: severity of potential consumer harm, number of clients affected, systemic nature of the failure, and deterrent value of enforcement action. Complaints from consumers are a key source of referrals.

What Has ASIC Been Penalising Advisers For?

The 2024-25 enforcement tally answers a lot of questions at once: 19 criminal convictions, 38 newly launched civil proceedings, $104.1 million in court-ordered penalties, and 58 individuals or companies restricted or banned from financial services. Investigations climbed about 50% on the previous year.

What kinds of conduct drew the heaviest sanctions?

• Recommending risky products. Four MWL Financial Services advisers were banned for 4–8 years in 2025 over Shield Master Fund recommendations made without regard to clients' best interests; the fund itself was placed in receivership and wound up in 2024-25 following concerns about inappropriate advice and inadequate disclosure.
• Mishandling client money. Glenda Rogan received a 10-year ban in 2025 after transferring $14.8 million of client funds into a cryptocurrency-based scheme.
• Dishonesty. Barry King's permanent 2025 ban covered dishonest conduct, misuse of client funds and false documents.
• Fees without service. Multiple licensees and advisers were pursued in 2024-25, including Crown Wealth Group director Andrew Moore, banned over unreported fees-for-no-service conduct.
• Operating unregistered. ASIC hit licensees including Skye Money and Smart Financial Capital with $31,300 infringement notices in 2025 for allowing advice while unregistered.

The regulator has separately cautioned consumers about schemes that target superannuation with high-pressure sales tactics and unrealistic return claims.

Drawn from the ASIC Annual Report 2025 and ASIC's August 2025 Financial Advice Update.