Launched on 31 March 2015, ASIC’s Financial Adviser Register helps consumers to verify that adviser financial planner is appropriately authorised to provide advice and find out more about the financial planner, before entering into a financial advice arrangement. The register also gives employers greater ability to assess new financial planners and improve ASIC’s ability to identify and monitor all financial planners. Over time, we believe this register will inevitably ensure industry standards continue to improve.
In this video, FPA General Manager Policy & Conduct, Dante De Gori, provides further insight into the purpose of ASIC’s Adviser Register.
Information required for the register
The register will include the following information:
the adviser’s name, registration number, status and experience
the adviser’s licensee, previous licensees/authorised representatives and business name
what product areas the adviser can provide advice on any bans, disqualifications or enforceable undertakings
details around ownership of the financial services licensee and disclosure of the ultimate parent company where applicable.
the adviser’s qualifications and professional association memberships (from May 2015)
Financial planners should provide the required information to your Licensee as soon as possible.
Register fees for licensees
Licensees will be charged the following fees on a per-notice basis:
When registering an authorised representative or any representative in the first instance
I. Online = $43
II. Any other means = $79
When notifying ASIC of a change to a representatives circumstances
I. Online = $29
II. Any other means = $50
No fee is payable when notifying ASIC of a change to who controls the licensee.
No fee is payable when registering any representative within ten business days of the date the AFS license takes effect.
There is a transition period of 3 March – 30 September 2015. During this period, no fee will be charged for updating existing details on the register and no late fee will be charged for registering representatives.
On 12 February, regulations were put in place allowing ASIC to begin compiling the adviser register. The register will be operational from 31 March 2015, however, licensees can lodge information on their financial advisers from 9 March 2015. Licensees are only required to lodge information about an advisers education and professional memberships from 23 May 2015.