Keep adviser internal disciplinary actions internal says SIAA

Mike Taylor

Managing Editor/Publisher, Financial Newswire

15 December 2025

Licensees would be strongly disincentivised to undertake internal disciplinary actions against their advisers if the outcomes were made publicly available on an adviser’s record, according to the Stockbrokers and Investment Advisers Association (SIAA).

Responding to a Financial Services Council (FSC) Green Paper, the SIAA pointed out that the Financial Adviser Register (FAR) already contains details of Australian Securities and Investments Commission (ASIC) banning and disqualifications orders, actions taken by the Financial Services and Credit Panel and any enforceable undertaking accept from the financial adviser.

“Our member firms are currently spending a considerable amount of time and incurring not inconsiderable costs to update the register so that it contains a comprehensive history of each adviser’s qualifications and work history,” the SIAA said.

“We note that ASIC has been engaged for some months on seeking documentary verification of the professional histories of those advisers seeking to utilise the experienced adviser pathway in order to ensure that the adviser’s history is fully displayed on the FAR.

“ASIC has also advised that it intends to undertake a compliance work program in 2026 to further strengthen the data available on the FAR about the professional histories of financial advisers. We therefore encourage the FSC to become informed about the work being undertaken by the regulator to address any lack of transparency about the professional histories of financial advisers,” the SIAA said.

“We would have considerable concerns about a proposal that would require a public register to include a complete record of an adviser’s broader compliance history, including instances where advisers are subject to internal investigations.

“The FAR includes actions taken by the FSCP. There was extensive consultation undertaken on what matters would be the subject of actions by the FSCP and whether these would be included in the FAR. During that consultation we argued that details of a first offence or a warning for a breach of a minor, administrative matter should not be included on the FAR. We have not changed our position on this.

“We do not agree that FSCP matters should no longer be anonymised. We consider that the current situation reflects an appropriate balance between consumer interests and those of advisers. We strongly disagree with the proposal that internal disciplinary actions by licensees should be made public.

“We consider that such a proposal would represent a backwards step in compliance and act as a strong disincentive to licensees to undertake internal disciplinary actions against their advisers if they thought that the outcome of those actions would be made publicly available on an adviser’s record,” the SIAA said.

“We therefore consider that introducing an adviser skills and performance registry as proposed would be an unnecessary duplication of effort that would impose a significant additional administrative burden on licensees for no benefit to either consumers or advisers.”