The Five Freedoms, Five Domains, Five Welfare Needs, and other similar models or principles, are key aspirational or outcome-led frameworks aimed at safeguarding animals under human custodianship, and are widely used in legislation, guidance documents, and protocols. We aimed to investigate the effectiveness of these animal welfare models as intended protections. Our study considered three informational tiers of relevance for guidance: Tier 1, key welfare models and principles governing legislation; Tier 2, formal secondary guidance; and Tier 3, welfare outcomes. We conducted a literature review of key welfare models, as well as reports of persistent animal welfare problems associated with exotic pets, and collated available examples of relevant legislation and their implementation. Of the 91 studied regions that adopted animal welfare models, the following were directly or closely aligned with: Five Freedoms n = 64, Five Welfare Needs n = 26, Five Domains n = 1. We identified the following numbers of welfare concerns for animals kept in trade and private home situations: invertebrates n = 21, fishes n = 27, amphibians n = 26, reptiles n = 43, birds n = 22, mammals n = 43. Despite the frequent adoption of one or other model or principle, animal welfare concerns and problems were regularly identified in relation to both commercial and home environments across all animal classes. We recommend that animal welfare is assigned priority over traditional pet selling or keeping practices through the adoption of modernised animal welfare models, underpinned by evolving scientific knowledge and precautionary principles, that aim to promote animal-centric preferred life quality.