Providing false or misleading information to ASIC can result in licence refusal, banning orders, and potential civil or criminal consequences, depending on severity.
Expanded Answer
ASIC expects all information to be accurate, complete, and supportable. Misrepresentation, particularly regarding experience or business activities, is treated seriously.
In practice, issues often arise from overstating the Responsible Manager’s experience or inconsistencies across documents. ASIC assesses credibility alongside competence.
Risk increases when claims lack evidence or when inconsistencies emerge during assessment.
Why it matters
Misleading information can trigger enforcement action and affect future licensing prospects.
Practical guidance
- Verify all claims against evidence
- Avoid overstating experience or capability
- Maintain consistency across all documents