Contrary to perceptions, the licensing of accountants has swelled the number of new advisers on the Australian Securities and Investments Commission (ASIC) Financial Adviser Register (FAR).
Answering questions on notice to a Parliamentary Joint Committee, ASIC has pointed to a 51 per cent increase in the number of new advisers on the register between 2015/16 and 2016/17.
“The number of new advisers on the Financial Advisers Register (FAR) in FY 2015-16 was 2,476, compared to 3,739 in FY 2016-17, representing a 51 per cent increase,” ASIC said.
It said the increase in 2016-17 seemed to be driven by large numbers of new advisers on FAR in July and August 2016.
“Analysis indicates that this is partly driven by advisers authorised by limited licensees (accountants) being added to FAR,” ASIC said.