ASIC gets pat on back for adviser bans

The corporate watchdog has banned 33 dodgy financial advisers in the past 12 months, a Senate committee has been told.

Australian Securities and Investments Commission deputy chairman Peter Kell said nine financial advice licences had also been cancelled and there had been eight criminal outcomes from some cases already prosecuted.

"Keep up the good work, I'm sure there's more to do," said Nationals senator John Williams who for many years has sought justice for the thousands of mum-and-dad investors cheated out of money because of poor financial advice.