Strike out the banned: ASIC
The Australian Securities & Investments Commission has banned around 65 people from giving financial advice or selling products since 2001 with nearly half of them banned for life.
Some of those banned were not even licensed to give financial advice while others were barred for failing to act honestly, fairly and efficiently as representatives of financial services companies. The individuals were banned for actions such as misleading clients, misappropriating customers' money, and promoting unregistered investment schemes.
ASIC posts its bans on its web site and publicises banning orders through the media but it's up to consumers to check that the people they're dealing with have come under ASIC scrutiny. To check for banned advisers or to see if a person is licensed to give financial advice, go to www.search.asic.gov.au.