IA Advice Pty Ltd

ASIC issued infringement notices to three AFS licensees for unregistered financial advisers providing personal advice. The licensees paid penalties of $31,300 each, while acknowledging payment does not admit guilt or liability. ASIC acted due to reasonable grounds that the licensees authorized unregistered advisers, risking consumer protection and governance arrangements. The registration requirement is an essential consumer protection mechanism to ensure AFS licensees meet education and training standards. AFS licensees must register financial advisers before providing personal advice to retail clients, with failure to comply incurring significant consequences for both the adviser and licensee.