Start of Inclusion of Advisers’ Training, Qualifications and Professional Association Memberships on the Financial Advisers Register 

 The Register of Financial Advisers which is maintained by ASIC at the MoneySmart website, requires AFSL holders to provide certain information on their individual representatives who provide personal advice to retail clients on products such as securities, superannuation, managed investment schemes and life insurance (general insurance products are not caught) to allow consumers and others to verify the status and credentials of affected advisers.

The Register requires and provides information on:

  • each adviser’s name, unique individual registration number and status;
  • the year each adviser began advising, and each adviser’s five year advising history;
  • each adviser’s current financial services licensee and authorised representative (if applicable), and a direct link to the business names associated with these entities;
  • what product areas the adviser can provide advice on;
  • any bans or disqualifications that current advisers have been subject to in the past, or enforceable undertakings;
  • each person that controls the financial services licensee (if applicable);
  • each adviser’s training and qualifications and their professional association memberships.

The Hon Josh Frydenberg has issued a release confirming the need for inclusion from today of advisers’ training, qualifications and professional association memberships on the Financial Advisers Register which were subject to a transition period. Read more Financial Advisers Register supporting better consumer outcomes.

His release notes that:

  •  Since it launched in March 2015, there have been more than 60,000 visits and more than 100,000 searches undertaken on the register.
  • There are over 22,500 advisers on the Register.
  • To assist financial services licensees to comply with their obligations, the Government will also align the information lodgement periods for the existing authorised representatives register and the Register, so that both are 30 business days.

See ASIC Register for more information