The Australian Securities & Investments Commission (ASIC) issued infringement notices to two Australian financial services (AFS) licensees after their authorised financial advisers provided personal advice to retail clients while unregistered. Sky Money Pty Ltd and Smart Financial Capital Pty Ltd each paid a penalty of AUD 31,300. ASIC said it had reasonable grounds to believe the licensees authorised a financial adviser who gave personal advice on relevant financial products while unregistered. Each licensee registered the adviser immediately and self-reported the breach after becoming aware, which ASIC took into account in its enforcement approach; payment of an infringement notice is not an admission of guilt or liability. ASIC noted it has issued five infringement notices in 2025 to AFS licensees for breaches relating to the adviser registration requirement and reiterated that advisers must be registered before giving personal advice, including where an adviser’s authorisation has ceased and they need to be re-registered before resuming advice.
Australian Securities & Investments Commission 2025-07-17
Australian Securities & Investments Commission issues infringement notices to AFS licensees over personal advice given while advisers were unregistered
The Australian Securities & Investments Commission (ASIC) fined Sky Money Pty Ltd and Smart Financial Capital Pty Ltd AUD 31,300 each for allowing unregistered advisers to provide personal advice to retail clients. Both firms registered the advisers and self-reported the breaches, which ASIC considered in its enforcement. ASIC emphasized that advisers must be registered before giving personal advice, noting five infringement notices issued in 2025 for similar breaches. Payment of the notice does not imply guilt or liability.