ASIC urges planners to update register information
The Australian Securities and Investments Commission (ASIC) has urged financial advisers and licensees to update their details on its Financial Adviser Register (FAR), or be hit with new fees and charges that will apply from 1 October.
ASIC has reminded advisers that transitional arrangement for placing required information on the FAR would finish at the end of September and advisers and licensees were required to ensure their details were correct on the register.
The regulator stated that from 1 October licensees would have 30 business days from the effective date of change to notify ASIC of any appointments or updates and a $29 fee would apply to update details of an authorised representative or to have one removed from their entry on the register.
However this fee would nearly triple to $75 if notification was less than one calendar month late and would balloon out to $312 if a notification is over one calendar month late. At present ASIC charges no fees for on-time or late registrations.
ASIC also stated that from 1 October advisers and licensees would not be able to add details or make changes via paper with the regulator moving to an online only system for this information.
It also stated that it had made updates to the database and licensees could now update addresses for authorised representatives, nominate a business name for authorised representatives, update representative names and Australian Business Number (ABN) for authorised representatives and financial advisers and cease an authorised lodger so they can no longer lodge for an AFS licensee or authorised representative.
The FAR, which went live on 31 March, currently lists around 23,000 authorised representatives, including those working as accountants, financial planners, stock brokers, foreign exchange traders and time share holiday resort sales people, with around 12,000 licensees also listed.
AUTHOR
Jason Spits
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