The Financial advice update is a round-up of regulatory developments and issues affecting financial advice.
It covers all areas of financial advice regulation and includes a broad range of content relevant to Australian financial services (AFS) licensees who are advice licensees and financial advisers.
The topics of this update are:
- NOW LIVE! One-off point-in-time dataset to help AFS licensees
- registration of relevant providers – ASIC warnings and reprimands
- existing provider qualifications deadline
- market scan: Professional indemnity insurance
- summary of recent ASIC enforcement matters
- update from the Financial Services and Credit Panel
- ASIC’s views, and
- recent ASIC articles and reports on financial advice.
NOW LIVE! One-off point-in-time dataset to help AFS licensees
AFS licensees can access ASIC’s one-off, point-in-time dataset to help them identify information on the Financial Advisers Register that needs to be corrected or updated. From 15 August 2025, this updated dataset will include if an AFS licensee has notified ASIC that a relevant provider has made a declaration that they are relying on the experienced provider pathway to meet the qualifications standard and the date the relevant provider passed the exam.
AFS licensees must ensure the information recorded on the Financial Advisers Register is correct for the relevant providers they authorise.
Where the information is incorrect or out of date, AFS licensees must notify ASIC of the change within 30 business days of the change occurring to avoid a late fee. It is an offence to knowingly provide false or misleading information to ASIC or to fail to take reasonable steps to ensure that the information provided to ASIC is true and correct, which includes updating the Financial Advisers Register.
Common errors identified in ASIC’s spot checks of information on the Financial Advisers Register include:
- relevant providers being marked as relying on the experienced provider pathway when they do not appear eligible
- relevant providers’ qualifications and training courses marked as going toward meeting the qualifications standard when the course(s) has not been completed or is not an approved course of study, and
- no information (or incorrect information) about the capacity in which the relevant provider can provide tax (financial) advice services.
AFS licensees and relevant providers can also review the information recorded on the Financial Advisers Register at moneysmart.gov.au or data.gov.au.
For our previous messages on this, see:
- ASIC renews warning for AFS licensees ahead of deadline for financial advisers
- Financial advice update – August 2024, and
- Media Release 24-142MR ASIC urges AFS licensees to correct records on the Financial Advisers Register (1 July 2024).
Registration of relevant providers – ASIC warnings and reprimands
To date, ASIC has issued 12 warnings and reprimands to relevant providers who provided personal advice to retail clients for relevant financial products while unregistered.
It is important for both the authorising AFS licensee and the relevant provider to ensure that personal advice is not provided while the relevant provider is unregistered.
If a relevant provider gives personal advice while unregistered, they will be in breach of a restricted civil penalty provision and may be subject to regulatory action. The relevant provider’s authorising AFS licensee will also have committed an offence of strict liability and contravened a civil penalty provision.
Common circumstances where AFS licensees are failing to register their relevant providers include:
- When the relevant provider changes AFS licensee and the new AFS licensee does not register the relevant provider with ASIC.
- When the AFS licensee changes the relevant provider’s role through ASIC Connect from provisional financial adviser to financial adviser on the Financial Advisers Register but fails to register the relevant provider with ASIC.
- Where the relevant provider is dual authorised and the registering AFS licensee ceases the relevant provider’s authorisation, causing the relevant provider’s registration to also cease. The remaining authorising AFS licensee then does not register the relevant provider with ASIC.
We have released various webinars, guidance documents and communications to raise awareness of the registration obligation.
For more information see Registering a relevant provider with ASIC.
Existing provider qualifications deadline
Market scan: Professional indemnity insurance
Between November 2024 and February 2025, ASIC conducted a market scan of the professional indemnity (PI) insurance market for AFS licensees that provide personal advice to retail clients.
The market scan involved discussions with industry, together with data-driven analysis of the Australian Prudential Regulation Authority’s National Claims and Policies Database for the period up to 31 December 2023.
The review noted the cyclical nature of the PI insurance market and identified significant improvements in PI insurance market conditions at the time, including:
- more supply and competition
- return to profitability
- premium reductions, and
- reduced claims.
We also saw a reduction in reports to ASIC and AFS licensing issues – between 2020 and 2025 there was a significant reduction in the number of AFS licensees reporting breaches for PI insurance (for example, because they do not have or cannot obtain adequate cover) and in the number of AFS licensees seeking relief or exemptions from the requirement to hold PI insurance. We have also observed fewer AFS licence applicants citing difficulties with obtaining PI insurance.
However, despite these improvements, several issues and concerns were identified in the operation of the PI insurance market for advice licensees. One consistent theme was a lack of transparency around what cover advice licensees hold and the claims they make. Another concern was the time it takes to finalise claims.
We have noted these findings and are considering ways in which these issues and concerns may be addressed.
Summary of recent ASIC enforcement matters
| Date | Enforcement action |
|---|---|
| 27 December 2024 | ASIC made two orders permanently banning Calamvale financial adviser David Eduardo Cubilla following his conviction of fraud. The conviction related to Mr Cubilla stealing funds from a client superannuation account.
See Media Release (25-004MR) ASIC permanently bans former financial adviser David Eduardo Cubilla (24 January 2025). |
| 29 January 2025 | Former financial adviser Anthony Paul Torre pleaded guilty to three counts of stealing and two counts of fraud resulting in misappropriation of $1,030,000 of client funds. On 27 May 2025, the sentence hearing was adjourned to 1 August 2025.
See Media Release (25-006MR) Anthony Paul Torre pleads guilty to fraud and stealing (3 February 2025). |
| 5 February 2025 | ASIC made two orders permanently banning Queensland-based financial adviser Lachlan John King following his conviction of fraud. The conviction related to Mr King stealing funds from clients, including family members.
See Media Release (25-009MR) ASIC permanently bans former financial adviser Lachlan John King (7 February 2025). |
| 27 February 2025 | Following an application made by ASIC, the Federal Court made interim orders freezing certain assets of Melbourne-based financial adviser Ferras Merhi. ASIC is investigating Mr Merhi and various entities associated with him, in connection with its investigations concerning the Shield Master Fund and the First Guardian Master Fund. These investigations are ongoing.
See Media Release (25-024MR) Federal Court freezes assets of Melbourne financial adviser, Ferras Merhi of Venture Egg and FSGA (27 February 2025). |
| 4 March 2025 | ASIC made an order banning Northern Territory-based financial adviser Harris Shortland for seven years following his conviction of supplying dangerous drugs, namely cocaine and receiving or possessing the proceeds of their sale.
See Media Release (25-033MR) ASIC bans former financial adviser Harris John Kohu Shortland for a period of seven years (7 March 2025). |
| 6 March 2025 | ASIC made orders to permanently ban Sydney-based financial adviser Peter Surtenich. ASIC found Mr Surtenich made dishonest representations that certain investments he recommended were capital protected, were similar to a cash investment and could generate high returns. Mr Surtenich had no basis for making the representations.
See Media Release (25-037MR) Former financial adviser Peter Surtenich permanently banned (13 March 2025). |
| 8 April 2025 | ASIC issued infringement notices in February 2025 to three AFS licensees whose financial advisers provided personal advice while unregistered. Australian Advice Network Pty Ltd, IA Advice Pty Ltd and Sherrin Partners Services Pty Ltd each paid an infringement penalty notice of $31,300.
See Media Release (25-053MR) Advice licensees pay penalty for authorising advisers who gave advice while unregistered (8 April 2025). |
| 24 April 2025 | DOD Bookkeeping Pty Ltd (in liquidation), previously Equiti Financial Services Pty Ltd, was penalised $11,030,000 after the Federal Court found it breached conflicted remuneration rules, and its advisers provided inappropriate ‘cookie-cutter’ advice.
See Media Release (25-063MR) Financial services provider penalised $11 million over ‘cookie-cutter’ advice and conflicted bonus payments (24 April 2025). |
| 16 May 2025 | Former financial services director Mark McCabe was sentenced to four years and three months’ imprisonment with a non-parole period of two years and six months for three fraud offences. Between January 2015 and April 2021, Mr McCabe dishonestly obtained financial advantage from eight victims totally $940,350 by making dishonest and deceptive representations to investors and misappropriated funds for his own benefit.
See Media Release (25-083MR) Former financial services director Mark McCabe sentenced for fraud offences (21 May 2025). |
| 6 June 2025 | ASIC banned former financial adviser Glenda Maree Rogan from providing financial services for 10 years. Ms Rogan transferred at least $14.8 million of funds to a cryptocurrency-based investment scam.
See Media Release (25-100MR) ASIC bans former financial adviser Glenda Rogan for 10 years (12 June 2025). |
| 7 June 2025 | ASIC cancelled the AFS licence of Financial Services Group Australia Pty Ltd (FSGA) and permanently banned FSGA’s responsible manager Graham Holmes for failing to take reasonable steps to ensure its representatives provided financial product advice that was appropriate or in the client’s best interest.
See Media Release (25-102MR) ASIC cancels AFS licence of Financial Services Group Australia and permanently bans its responsible manager (13 June 2025). |
| 17 June 2025 | ASIC banned Queensland-based former financial adviser Isaac Jacob McQueen from providing financial services, controlling an entity that carries on a financial services business, or performing any function involved in the carrying on of a financial services business for four years. ASIC found that Mr McQueen gave inappropriate advice to certain clients, which was not in their best interest, as he recommended that they invest most of their superannuation into the High Growth class or the Growth class of the Shield Master Fund.
See Media Release (25-127MR) ASIC bans former MWL financial adviser Isaac McQueen for 4 years (9 July 2025). |
| 24 June 2025 | ASIC cancelled the AFS licence of Downunder Insurance Services Ltd effective 24 June 2025 and Ipraxis Pty Ltd effective 25 June 2025, after the financial services providers failed to pay industry funding levies, which were outstanding for over 12 months.
See Media Release (25-118MR) ASIC cancels AFS licences of two Australian financial services providers for failure to pay industry funding levies (2 July 2025). |
| 30 June 2025 | ASIC banned former Redcliffe-based adviser and director of Lighthouse Partners Kiriley Roper (also known as Ms Suckling) from providing financial services for 10 years. ASIC found that Lighthouse Partners engaged in fees for no service conducted for 14 clients between January 2022 and October 2023.
See Media Release (25-121MR) ASIC bans former Lighthouse Partners director Kiriley Roper for fees for no service (3 July 2025). |
| 1 July 2025 | In June 2025, ASIC issued infringement notices to two AFS licensees whose financial advisers provided personal advice while unregistered. Skye Money Pty Ltd and Smart Financial Capital Pty Ltd each paid an infringement penalty of $31,300 on 1 July and 11 July 2025, respectively.
See Media Release (25-138MR) ASIC purses licensees after financial advisers gave advice while unregistered (17 July 2025). |
| 1 July 2025 | ASIC banned former Sydney-based director Andrew Moore from performing any function involved in the carrying on of a financial services business, and from controlling an entity that carries on a financial services business for three years for failing to recognise the seriousness of the fees for no service conduct engaged in by one of Crown Wealth Group’s representatives, Lighthouse Partners, when he became aware of it.
See Media Release (25-126MR) ASIC bans former Crown Wealth Group director Andrew Moore for failing to report fees for no service (8 July 2025). |
| 3 July 2025 | ASIC banned Sydney-based financial adviser Matthew Simon Bradley from providing financial services, controlling an entity that carries on a financial services business, or performing any function involved in carrying on a financial services business for eight years after ASIC found he gave inappropriate advice to certain clients, which was not in their best interest. This included recommendations to invest most of their superannuation into the High Growth class or the Growth class of the Shield Master Fund.
See Media Release (25-128MR) ASIC bans MWL financial adviser Matthew Bradley for 8 years (9 July 2025). |
| 7 July 2025 | ASIC permanently banned financial adviser Barry David King from providing financial services after ASIC determined that Mr King is not a fit and proper person to provide financial services and that he is likely to contravene a financial services law after ASIC found his conduct was dishonest, involved the misuse of client funds and the provision of false documents.
See Media Release (25-124MR) ASIC permanently bans financial adviser Barry King (7 July 2025). |
| 18 July 2025 | ASIC has banned former financial advisers of MWL Financial Services Pty Ltd Rocco D’Amelio and Robert Crossing for 7 years and 6 years, respectively. ASIC found that each of the advisers gave inappropriate advice to certain clients, which was not in their best interest, as they recommended clients invest most of their superannuation into the High Growth class or the Growth class of the Shield Master Fund, which were high-risk investments.
See Media Release (25-146MR) ASIC bans a further two financial advisers of MWL Financial Services (24 July 2025). |
| 22 July 2025 | ASIC is suing financial advice business Fortnum Private Wealth Limited, alleging it failed to properly manage and mitigate cybersecurity risks.
See Media Release (25-143MR) ASIC sues Fortnum Private Wealth for allegedly failing to adequately manage cybersecurity risks (22 July 2025). |
| 25 July 2025 | ASIC has banned Ian Wailes Potter for 5 years after a review of advice by the provisional relevant provider (PRP) under Mr Potter’s supervision was found not to be in the client’s best interests and was not appropriate. Mr Potter is liable for the contraventions of the PRP. Mr Potter is banned from providing any financial services, controlling an entity that carries on a financial services business, and performing any function involved in the carrying on of a financial services business.
See Media Release (25-152MR) ASIC bans Ian Potter of Superannuation Advice Australia for 5 years for failure to supervise provisional relevant provider (30 July 2025). |
Update from the Financial Services and Credit Panel
The Financial Services and Credit Panel (FSCP) makes disciplinary decisions on relevant providers. The FSCP has now been in operation for over two years. The FSCP is a pool of industry participants appointed by the responsible minister that ASIC draws upon when forming individual sitting panels.
ASIC maintains the FSCP Outcomes Register, which contains decisions of the FSCP and a brief explanation of the background to the decisions. Some recent outcomes include:
- A two-year registration prohibition order against Glenn Paul Meilak. The FSCP found that Mr Meilak gave advice to his clients recommending that they set up self-managed superannuation funds. Mr Meilak exhibited conduct that was systemic, displayed a lack of care and a level of incompetence in providing advice to his clients: see Media Release (25-014MR) Financial Services and Credit Panel issues registration prohibition order against financial adviser (11 February 2025).
- A written direction to have the next 10 pieces of advice audited by a compliance expert after failing to act in the best interest of the client and provide advice that was appropriate for the client. The relevant provider recommended the client make a concessional superannuation contribution without considering the client had already triggered a bring-forward arrangement.
- A written direction to report certain specified matters to ASIC after the panel found the relevant provider contravened section 961G of the Corporations Act 2001 by giving advice that was not appropriate and section 961J by prioritising the relevant provider’s interest over the client’s interest. The FSCP’s decision noted the relevant provider failed to ensure their fees and charges were fair, reasonable, and represented value for money by charging extraordinary fees for advice that was not appropriate and was conflicted. The specified items to be reported included a report produced by a compliance consultant following a comprehensive licensee review, a report produced by the compliance consultant containing results of the pre-vetting of the next 10 pieces of advice, and documentation showing the successful completion of an ethics and professionalism course.
ASIC’s views
- The complex challenge of advice, speech by ASIC Commissioner, Alan Kirkland, Conexus Financial Professional Planner 2025 Advice Policy Summit, 10 February 2025.
- Regulatory priorities in financial advice, speech by ASIC Commissioner, Alan Kirkland, Professional Planner Licensee Summit, 23 June 2025.
- Forward together: Addressing misconduct in financial services, keynote address by ASIC Chair, Joe Longo at the FSC Symposium on 30 July 2025.
Recent ASIC articles and reports on financial advice
- ASIC releases June 2025 financial adviser exam results (4 July 2025).
- ASIC renews warning for AFS licensees ahead of deadline for financial advisers (3 June 2025).
Subscribe to ASIC’s Newsroom
You can find all newsroom content tagged ‘financial advice’ using this pre- filtered newsroom link.
To receive relevant regulatory updates:
- go to ASIC’s Newsroom
- scroll down to ‘Sign up for news alerts’ and input your email address
- select your preference for receiving these alerts (weekly or daily)
- select ‘ASIC’s news round up’ and your preferred topics (we recommend selecting ‘financial advice’ and ‘regulatory updates’ to receive relevant updates), and
- click the subscribe button (this will override previous subscriptions).
Alternatively, select the ‘Review and update your subscription’ link in your subscription emails to update your preferred topics.
