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ASIC has commenced civil penalty proceedings against Mercer Financial Advice for allegedly making false or misleading representations to its customers about fees charged and services that were not provided.
The funds management powerhouse is facing legal action over claims it provided false or misleading representations to customers.
The Financial Planning Association holds the lion's share of membership as nearly 40% of advisers report they are part of the professional body.
The industry super fund's financial advice subsidiary has been hit with a $20 million penalty for charging over 25,000 customers more than $50 million in fees for no service.
Only 50 financial advisers joined the financial advice industry in the year to September, as Rainmaker analysis shows that the total population has dwindled to 19,238.