Authorised advisers need to make sure they’re on the Australian Securities and Investments Commission’s (ASIC’s) Financial Advisers Register by the end of the year, before new professional standards requirements take effect, or risk being treated as a new entrant under the reforms.
The regulator today reminded advisers that only those who were authorised at any time between 1 January 2016 and 1 January 2019, and who were not prohibited from providing advice on 1 January 2019, would be recognised as an 'existing provider' under the reforms.
Without recognition as an existing provider, advisers would be treated as a new entrant under the changes, meaning they would have to meet new education and training requirements to provide advice. They would also have to complete an approved qualification and the recently released exam requirements before they can be authorised to give advice, and then complete the professional year.
ASIC also reminded planners that registration on the Financial Advisers Register was the responsibility of the Australian financial services licensees who authorised advisers.