Govt delays financial adviser registrations
The Government has delayed financial adviser registration until 1 July, 2023.
Previously, under the Better Advice Act, financial advisers who provided personal advice to retail clients were required to be registered by 1 January, 2023.
Stage one of this was a one-off registration process administered by the Australian Securities and Investments Commission (ASIC) followed by a second stage which was set to commence once the Financial Advisers Register transitioned to the Australian Taxation Office (ATO).
ASIC said it had been “engaging closely” with the industry about the best way to implementing the first stage to ensure the obligation on licensees to register financial advisers operated efficiently.
In light of this, ASIC had delayed the requirement for financial advisers to be registered until 1 July, 2023 to allow these improvements to be implemented.
ASIC previously announced that registration would be available through ASIC Connect from October 2022. However, in light of the delay, this was not yet open. ASIC now expected AFS licensees would be able to register their financial advisers via the ASIC Connect portal in the second quarter of 2023.
AUTHOR
Laura Dew
Recommended for you
Two advisers have received reprimands from the Financial Services and Credit Panel after falling short of their CPD requirements.
ASIC has imposed licence conditions on a financial services firm following concerns its customer service representatives have been giving unlicensed advice.
The financial advice profession has enjoyed a recovery this week as numbers surpassed 15,600 yet again, following the largest decline in the calendar YTD last week.
Australia’s retirement system is under mounting pressure, and industry leaders have warned that without broader access to financial advice, the country will go “broke”.
