Money Smart (Australian Securities and Investment Commission (ASIC)
They say: “Check basic facts before you get financial advice, a loan or credit, buy financial products or hand over your money for a purchase or investment.
ASIC and other government databases can tell you if these people or companies are licensed or if property has money owing on it. A licence from ASIC does not mean that ASIC endorses the company, financial product or advice or that you cannot incur a loss from dealing with them.
ASIC does not approve business models. ASIC grants a licence if a business shows it can meet basic standards such as training, compliance, insurance and dispute resolution. The business is responsible for maintaining these standards.
Checking ASIC’s databases should be only one of the many checks you should do before you invest your money. It is important to only deal with licensed people and businesses as you are better protected if things go wrong and will have access to free dispute resolution services.”