Act Now! Updated Financial Adviser Details Need to be Provided to ASIC by 1 January 2020

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AFS Licensees have until 1 January 2020 to ensure the Financial Advisers Register (Register) contains all the required additional Financial Adviser details now required by ASIC. It is a breach of your AFS licence obligations not to do so and penalties may apply.

Additional Information Required for the Register

The following additional information needs to be provided for each Financial Adviser:

The Register can be updated through ASIC Connect. Fees apply for making changes to the Register. The CPD year start date should be notified using Form FS20.

AFS Licensees who do not update their information by 1 January should record this as a breach in their breach register and consider whether it is required to be reported to ASIC as a significant breach under RG78.

Background

The Government has established FASEA to uphold the education, training and ethical standards of Financial Advisers. The professional standards require Financial Advisers to:

  • complete a FASEA approved exam;
  • hold approved qualifications;
  • complete the required number of CPD hours;
  • comply with the Code of Ethics; and
  • be a member of an ASIC approved monitoring scheme.

ASIC has been rolling out the various elements of these professional standards since FASEA’s establishment in April 2017. In the latest stage of the roll out of the professional standards, Financial Advisers’ compliance with these standards is now required to be provided to be included on the Register.

Key Dates

RequirementNew providers
(authorised on or after 1 January 2019)
Existing providers
(authorised between 1 January 2016 and 1 January 2019)
All details to be listed on the Register1 January 20201 January 2020
Comply with the Code of Ethics1 January 20201 January 2020
Pass the FASEA exam 1 January 20191 January 2022
Meet the education and training standards1 January 20191 January 2026
Complete a Professional Year1 January 2019Not Applicable
Comply with CPD requirements1 January 20191 January 2019
Be covered by a compliance schemeExemption until 1 January 2022Exemption until 1 January 2022

New Financial Advisers must comply with all of the professional standards, and also complete their Professional Year before they are able to be listed on the Register as a Financial Adviser. New Financial Advisers can be listed on the Register as a Provisional Adviser once they have met the education requirements, passed the FASEA exam and are in the process of undertaking their Professional Year.

Compliance Scheme Cover Exemption Until 2022

ASIC has granted a three-year exemption to AFS licensees from the obligation to ensure that financial advisers are covered by an approved compliance scheme and from the associated notification obligations. A new disciplinary system and single disciplinary body for financial advisers will be established to replace the role of compliance schemes. 

Change of Details

When a Financial Adviser’s details change, the AFS licensee must update their information on the Register within 30 business days.

If you have concerns about the information displayed for a Financial Adviser authorised under an AFS licence, see Report inaccurate information on the Financial Advisers Register.

Further Reading

For more information, see ASIC’s media releases:

Related Posts

Should you have any questions about the new requirements, please contact us.

About The Author

Amanda Christie

Amanda works with the Compliance and Legal Team with a focus on compliance and legal services. Amanda assists the compliance team in implementing ongoing compliance support, updating procedural documentation and assisting clients with the preparation of AFSL and ACL applications, variations and also assists in the implementation of compliance reviews. She also assists in the preparation of legal documentation and legal research.

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