Are you required to update your Financial Adviser Details?

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AFS Licensees had 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 have done so and penalties may apply.

Additional Information Required for the Register

The following additional information should have been provided for each Financial Adviser:

The Register can be updated through ASIC Connect if not already completed. Fees apply for making changes to the Register. The CPD year start date should be notified using Form FS20.

AFS Licensees who did not update their information by 1 January 2020 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 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 EthicsFrom 1 January 2020From 1 January 2020
Pass the FASEA exam From 1 January 2019By 1 January 2026
Complete a Professional YearFrom 1 January 2019Not Applicable
Comply with CPD requirementsFrom 1 January 2019From 1 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

Hannah Murray

Hannah provides administrative support to both the Compliance and Legal Team. She assists with ensuring clients receive the latest regulatory updates through Sophie Grace social media channels, the monthly newsletter and the website blog page. She also helps with website development and management.

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