ASIC is calling on AFS licensees to assess the accuracy of records about their financial advisers on the financial advisers register after a spot check identified errors and inconsistencies in some of the information provided.
Issues identified relate to qualifications and training courses being marked as “approved” on the financial advisers register when, in many cases, this marking was incorrect.
Common errors include mislabeling qualifications, professional designations, and bridging courses as “approved.”
“Some of the qualifications marked as ‘approved’ did not accurately match the wording of the course in the determination,” ASIC said.
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AFS licensees are urged to immediately check all the information recorded about their financial advisers on the financial advisers register, with a particular focus on the adviser’s approved qualifications, ability to provide tax (financial) advice services, business address, and telephone number.
Incorrect or outdated information must be rectified by lodging a “maintain” transaction via ASIC Connect.
It is a serious offence to knowingly provide false or misleading information to ASIC or to fail to take reasonable steps to ensure that the information provided to ASIC is true and correct.
Additionally, it is an offence to fail to update the financial advisers register within 30 business days of a financial adviser’s details changing.
From Aug. 1, ASIC will commence a compliance program to ensure that the information recorded on the financial advisers register about approved qualifications is correct and will consider enforcement action where necessary. This will remain a key focus for ASIC in the lead-up to Jan. 1, 2026.
In response to the issues identified, ASIC, which recently issued Information Sheet 283 to address the increasing risk posed by the use of unmonitored and encrypted communication channels, has made changes to the public-facing financial advisers register.
Starting July 1, the register no longer displays whether a financial adviser’s education and training meets the requirements of an “approved” qualification, aiming to reduce confusion and minimise risks to consumers.
“This update recognises the introduction of the experienced provider pathway, which provides an alternative to the completion of an approved qualification,” ASIC said.
Since Jan. 1, 2019, specific professional standards have applied to financial advisers.
One of these standards relates to the completion of an approved degree or qualification, with compliance requirements differing depending on an adviser’s personal circumstances.
AFS licensees are obliged to notify ASIC about a financial adviser’s relevant qualifications and training.
For more details, refer to ASIC’s guidelines on how to check an adviser’s qualifications against the determination and ensure accurate records on the financial advisers register.
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