Update to ASIC’s Financial Adviser Register

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change-948024_1280From 1 October 2015, ASIC’s transitional arrangements for the Financial Advisers Register (FAR) have ceased. This means that all fees and late penalties now apply to notifications made on ASIC’S Financial Adviser Register and Authorised Representative register. ASIC licensees have thirty (30) business days from the effective date to notify ASIC of the appointment of or change to a Financial Adviser or Authorised Representative.

The following fees now apply:

  1. A $29 fee will be incurred to update the details of or cease a financial adviser or authorised representative.
  2. A $75 fee will be incurred when a notification is less than one (1) calendar month late
  3. A $312 fee will be incurred when a notification is more than one (1) calendar month late

When processing these transactions on the ASIC Connect portal, the licensee has the opportunity to pay immediately via credit card or “pay later”. The pay later functionality allows licensees to make payment of a transaction at a later time via BPAY or invoice. Invoices are sent to the Australian Financial Services Licence (AFSL) holder’s registered business address, so ensure your details are correct before lodging any forms.

ASIC has also implemented updates to the ASIC online services. AFSL holders can now process the following changes online:

  1. Updates to financial adviser or authorised representative details can be submitted online through ASIC Connect, ASIC’s paper form no longer exists
  2. Updates to the details of the licensee’s controlling entity are to be notified by submitting ASIC Form FS2o.

What Register?

In March 2015, ASIC launched the Financial Advisers Register (FAR) for AFSL Holders and Authorised Representatives. The Register covers all employees and representatives who are authorised to provide financial product advice on Tier 1 Investment Products. If your employer has not already done so, you should request your employer add you as an adviser to the FAR ensuring you are listed as authorised to provide financial product advice in the respective financial products that you are both qualified and authorised for. AFSL holders should also check that their details are correct on ASIC’s register to ensure any attempt to contact you, by ASIC or a client, is delivered to the correct address.

The FAR’s purpose is to allow consumers to check the authorisation of an individual Financial Adviser as well as find out more information about a Financial Adviser before seeking advice. The FAR will also allow participants in the industry to assess new Financial Advisers as well as allowing ASIC to be able to identify and monitor all registered Financial Advisers in Australia (information which is not picked up in its entirety through the current Authorised Representatives Register). The industry-wide public register is accessible from ASIC’s MoneySmart website – https://www.moneysmart.gov.au/.

If you need any assistance with implementing the above or clarification, please don’t hesitate to contact us.

About The Author

Sarah Murray

Sarah works with the Compliance Team with a particular focus on compliance and legal services. Sarah works with the Legal Team providing ongoing assistance in drafting and reviewing documentation as well as legal research. Sarah assists clients with AFSL and ACL applications, variations and also assists in the implementation of compliance reviews. She provides ongoing compliance support in the form of compliance program implementation and reviews.

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