Australians know the importance of choosing the right financial adviser or broker, especially with investment scams and mis-selling scandals making headlines in 2025. But did you know that in the United States, investors have access to a powerful tool called FINRA BrokerCheck? While it’s a US-specific service, its features and transparency offer valuable insights for Australians who want more confidence in their financial decisions.
What Is FINRA BrokerCheck?
FINRA BrokerCheck is a free, online tool run by the Financial Industry Regulatory Authority (FINRA) in the United States. It lets anyone search for background information on US-registered brokers, advisers, and brokerage firms. The tool reveals:
- Professional background and employment history
- Licensing and regulatory status
- Customer complaints, disciplinary actions, and regulatory events
- Qualifications and exam history
BrokerCheck has become a go-to resource for American investors looking to verify their adviser’s credentials and check for red flags before handing over their hard-earned money.
Why Transparency in Adviser History Matters in 2025
In 2025, the need for transparency in financial advice is more urgent than ever. Australia has seen a rise in sophisticated scams, and ASIC’s 2025 policy update has further tightened the rules for financial advisers. But even with new compliance requirements, Australians still struggle to access the kind of detailed background information that US investors can get with BrokerCheck.
For example, an investor in Melbourne recently shared her story of unknowingly working with a broker who had a history of regulatory breaches in another state. If there had been an Australian equivalent of BrokerCheck, she might have avoided the ordeal altogether. The tool’s US success has led to calls for a similar, centralised vetting platform in Australia.
How Does Australia Stack Up? Comparing Broker Vetting Tools
Australia does offer some ways to check adviser credentials:
- ASIC Financial Advisers Register: Lists licensed financial advisers and their employment history
- ASIC Banned and Disqualified Register: Shows individuals banned from providing financial services
However, these registers lack the comprehensive complaint, disciplinary, and exam data that BrokerCheck provides. For instance, BrokerCheck’s database is searchable by name or firm, provides plain-language summaries of incidents, and is regularly updated with regulatory actions from multiple agencies. In contrast, ASIC’s registers require cross-referencing and don’t always include detailed complaint histories.
Globally, the trend is towards more transparency. In 2025, Canada’s new investor portal and the UK’s FCA Directory are making it easier to research advisers, pushing Australia to consider upgrades to its own systems.
What Can Australian Investors Do Now?
While a direct BrokerCheck equivalent doesn’t yet exist in Australia, investors can still take practical steps to vet their financial professionals:
- Search ASIC’s Financial Advisers Register for current licensing and employment details
- Check for bans or disqualifications on ASIC’s public register
- Ask advisers for a written history of any disciplinary actions or complaints
- Google the adviser’s name for media coverage or reviews
For those investing with US-based brokers, or considering international investments, using FINRA BrokerCheck is an essential step before signing up.
The Push for an Australian BrokerCheck: What’s Next?
With ASIC’s 2025 review of financial advice reforms underway, industry groups and consumer advocates are lobbying for a one-stop, searchable adviser history tool—Australia’s answer to BrokerCheck. While policymakers have yet to announce a definitive launch, the momentum is building. For now, staying vigilant and using all available public registers is the best defence against poor advice or outright fraud.
