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.