ASIC Register for Financial Advisers – Update

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8e48cc4a-0494-450a-a840-72adb1d3f15cThis week, Australian Financial Services Licence (“AFSL”) holders are required to upload information regarding their employee or representatives qualifications, training and professional memberships. From 31 May this information will be available for search by the public.By now, AFSL holders should have collated a list of all employees and representatives who are authorised to provide financial product advice to retail clients on Tier 1 (investment) products and added all their Financial Advisers to the register through ASIC Connect.

What to do next?
We urge all AFSL holders to:

  1. Collect all qualifications, training courses and professional memberships the Financial Adviser has participated in (the Financial Adviser should determine which five qualifications or training courses they would like listed on the Register);
  2. From Monday (25 May 2015), log on to the ASIC Connect portal and upload these documents relating to the Financial Advisers qualifications, training courses and professional memberships.
  3. AFSL holders should encourage all employees and representatives who have not completed their RG146 accreditation to do so as soon as possible in order for their details to be successfully included on the Register.

ASIC will also publish information on any banning orders, disqualification or enforceable undertakings entered into by the Financial Adviser.The Register’s purpose is to allow consumers to check the authorisation of an individual Financial Adviser as well as find out more information about the Financial Adviser before seeking advice, so it is important to ensure the details of your Financial Advisers are correct and up to date.

Further points to note
The industry-wide public register will be accesible from ASIC’s MoneySmart website –

The introduction of the Financial Advisers Register will also see some changes to forms lodged through the AFS Licensee portal. Forms relating to an Authorised Representative will be completed through the ASIC Connect online portal from March 2015.

Need more information or assistance?
Sophie Grace can assist AFSL holders with collating all required information to be submitted to ASIC for inclusion on the Register or answer general queries you may have about the Financial Adviser’s Register or lodging forms with ASIC. More information regarding the development of the Financial Advisers Register can be found at – Earlier this year, ASIC sent a letter to all AFSL holders and Authorised Representatives in relation to the new Financial Advisers Register which was launched in March 2015.

About The Author

Alicia Pevely

Alicia works across both Sophie Grace Pty Ltd and Sophie Grace Legal Pty Ltd with a particular focus on compliance and legal services. She manages the licensing and compliance aspects of the business. She is responsible for AFSL and ACL applications, variations and assists the compliance team in the implementation of compliance reviews. She provides ongoing compliance support and assists with the preparation of legal advice, commercial agreements and disclosure documents.  

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