The Australian Securities and Investments Commission (ASIC) has started to build out the details financial advisers need to provide to its Financial Adviser Register (FAR) by requesting information relating to education and membership of professional associations.
The FAR, which went live on 31 March, currently lists an adviser’s full name, their current and past licensees, when they first provided advice, areas on which advice can be provided and disciplinary actions conducted by ASIC.
However ASIC yesterday released details of the required new details for education and professional membership stating they can be added from 25 May and will be part of the publically accessible register of all advisers from 31 May.
Advisers can supply details on up to five qualifications and training courses that have been completed and are relevant to the provision of financial services with licensees to determine which courses and qualifications are the most relevant. Specific details to be provided are the name of the course, the course provider and the year the qualification was attained by the adviser.
ASIC also released a list of professional bodies of which advisers may be members stating they can choose five for inclusion on the register or add other associations that are not included.
This step follows recommendations by the PJC Inquiry into standards of advice that financial advisers must be members of a professional association which has recognised professional standards and would limit the use of the term ‘financial planner’ only to those on the FAR and a member of a professional association.
The professional bodies currently listed by ASIC are:
- Association of Financial Advisers (AFA)
- Association of Independently Owned Financial Professionals (AIOFP)
- Association of Superannuation Funds Australia (ASFA)
- Australian and New Zealand Institute of Insurance and Finance (ANZIIF)
- Australian Institute of Superannuation Trustees (AIST)
- Boutique Financial Planning Principals’ Group (BFP)
- Chartered Accountants Australia and New Zealand (CA)
- Chartered Financial Analyst Institute (CFA)
- CPA Australia (CPA)
- Financial Planning Association of Australia (FPA)
- Independent Financial Advisers Association of Australia (IFAAA)
- Institute of Managed Account Providers (IMAP)
- Institute of Public Accountants (IPA)
- National Insurance Brokers Association (NIBA)
- Self-Managed Super Fund Association (SMSFA)
- Stockbrokers Association of Australia
