ASIC declares adviser register implementation date
The Australian Securities and Investments Commission's (ASIC's) adviser register should be up and running for consumer and licensee use on 31 March.
The regulator has declared that it is well advanced on the adviser register project and that it will be making regulations relating to the register over coming days.
It said it was working with licensees and authorised representatives to assist them to provide the required information in accordance with the timetable in planned regulations.
The ASIC announcement confirmed that the register would contain details of all persons employed or authorised — directly or indirectly — by Australian financial services (AFS) licensees who are authorised to provide personal financial advice to retail clients on Tier 1 (investment) products.
It described Tier 1 products as being financial products other than basic banking products, general insurance products or consumer credit insurance products or a combination of any of those products.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
