Identifying the properties and impact of education on misconduct: Evidence from Australian financial advisers

The Australian financial planning sector has seen recent regulatory changes introduced to address misconduct. One such introduction surrounds increased levels of mandatory financial adviser education. This paper examines the Banning orders between March 2015 and March 2023 to identify relationships between levels of misconduct and education. Analysis of findings supports the validation of education requirements and outlines identifying properties assisting consumer decisions to avoid those advisers affiliated with misconduct. This research further explores avenues to develop the sector's professionalism.