ASIC gives planners five days to update register
The Australian Securities and Investments Commission (ASIC) has given financial advisers five days to add details of their qualifications, training and professional memberships to its Financial Adviser Register (FAR).
Advisers will have until 30 May to add their details with ASIC opening the facility to do so yesterday, and stating on its website that "for all financial advisers currently on the register this information should be notified by 30 May 2015".
ASIC indicated in late March when the FAR went live, and again in mid-April, that advisers would be required to add the education and membership information and has directed advisers currently on the register to use its online services to provide and update the information.
Any information provided by advisers would be publically available from 31 May with new additions to the register having to provide the information at time of registration.
ASIC has indicated that failure to include an adviser or their appropriate details on the FAR will be a breach of obligations for Australian Financial Services Licensees and may attract penalties as would the provision on inaccurate or misleading advice.
AUTHOR
Jason Spits
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