Sherrin Partners Services Pty Ltd

ASIC issued infringement notices to three AFS licensees for providing personal advice while unregistered. The licensees, Australian Advice Network Pty Ltd, IA Advice Pty Ltd, and Sherrin Partners Services Pty Ltd, each paid a $31,300 penalty. ASIC acted because it had reasonable grounds to believe that the AFS licensees authorized an unregistered financial adviser. The registration requirement is crucial for consumer protection, ensuring AFS licensees have considered the adviser's fitness and properness and met education standards. Failure to register may indicate inadequate governance arrangements, leading to significant consequences, including penalties.