Adviser register goes live but data not vetted by ASIC
The Australian Securities and Investments Commission (ASIC) has launched its' financial advisers register but has stated any information on the register has not been reviewed before its inclusion.
In a section titled ‘Important information about the register' ASIC stated that "information on the register is provided by financial advice businesses (licensees and/or authorised representatives). ASIC does not check or review the information before it is put on the register."
A further disclaimer states that "data shown on this search is the result of lodgements from Australian Financial Services (AFS) Licensees and authorised representatives in accordance with their obligations under the Corporations Act 2001 and Corporations Regulations 2001". However ASIC has stated it can take action in relation to deliberately misleading conduct under the ASIC Act.
The regulator stated the register, accessible by ASIC's MoneySmart website, currently contains "more than 19,000 appointments" and covers advisers employed or authorised, directly or indirectly by AFS licensees.
ASIC deputy chair Peter Kell said the number of advisers yet to add information to the register was small and that while late appointments to the register were allowed they make attract a fine from September and advisers not on the register may lose clients who are seeking information on them.
Searches for an adviser currently provide data on an adviser's full name, their authorised representative number provided by ASIC, when an adviser first began providing advice and if they are currently doing so.
The data also provides a timeline of employment for the adviser and which licensees an adviser has and is currently working for including the licensee's number, its ABN and by which organisation the licensee is ‘controlled' or owned.
Included under details relating to an adviser's current licence are the areas which the adviser is authorised to provide advice with a separate section for disciplinary actions. ASIC stated it would move into the second stage of the register which would include information about the qualifications, training and professional association memberships of advisers with this information to be added at the end of May.
AUTHOR
Jason Spits
Recommended for you
ASIC commissioner Alan Kirkland has detailed the regulator’s intentions to conduct surveillance on licensees and advisers who are recommending managed accounts, noting a review is “warranted and timely” given the sector’s growth.
AMP and HUB24 have shared the areas where they are seeking future adviser growth, with HUB24 targeting adding more than 2,000 advisers to the platform.
Bravura Solutions has appointed a new chair and deputy chair to take over from departing Matthew Quinn, while Shezad Okhai picks up another responsibility.
Two advisers say M&A is becoming a “contact sport” as competition heats up to acquire attractive advice firms, while a lack of new entrants creates roadblocks in organic growth opportunities.
