Financial adviser registration to occur in two stages
Financial adviser registration under the Better Advice Act will occur in two stages, the corporate regulator has revealed.
The act required all advisers who provided personal advice to retail clients about relevant financial products be registered by 1 January, 2023.
The Australian Securities and Investments Commission (ASIC) said the first stage provided a one-off registration process administered by ASIC using the existing Financial Adviser Register (FAR).
Financial advisers who were registered with the Tax Practitioners Board (TPB) as a tax (financial) adviser as at 31 December, 2021, would generally be deemed to be registered with ASIC under stage one.
The regulator said stage two commenced once the FAR transitioned to the Australian Tax Office as part of the Australian Business Registry System (ABRS).
ASIC noted it would provide guidance on registration later in the year.
Recommended for you
Over half of wealth management clients in Asia-Pacific say they are looking for more advice in investment and financial planning services, according to EY, and may switch or add new providers to achieve this.
As artificial intelligence continues to reshape how the advice industry operates, Adviser Ratings unpacks which areas advisers are using the technology to improve the client experience.
Insignia Financial has appointed the former APAC head of a global asset manager to its board.
Financial advisers have been warned against advising clients to withdraw superannuation for medical or dental treatments as a new report highlights the long-term effect on balances at retirement.
