Another annual fee for advisers
Financial advisers will have another annual fee to pay under the Government’s proposal for an annual financial adviser registration under its new disciplinary regime.
In its exposure draft legislation regarding the new regime, the Government said it proposed that a fee to register would be payable and that the registration would need to be renewed annually.
“This will be set in the Corporations (Fees) Regulations 2001. The Government will consult on these regulations at a later date,” it said.
“…Registration needs to be renewed annually. However, provided that the registration renewal form has been submitted by the due date, a financial adviser can continue to provide advice without needing to wait for ASIC [the Australian Securities Investments Commission] to confirm that the adviser’s registration has been renewed.”
The obligation for an adviser to be registered would sit with the licensee and if the adviser was the licence holder, the adviser would be registering themselves.
Licensees had between 1 January, 2022, until 1 January, 2023, to register existing advisers to be able to continue to provide advice.
To register, the licensee would need to submit a registration form to ASIC which would need to include:
- A declaration from the adviser that they are a fit and proper person;
- A declaration from the licensee that the person has met the education and training standards; and
- A declaration from the licensee that they are not aware of any reason why the adviser is not a fit and proper person. This is required to be based on information already available to the licensee and will not require the licensee to undertake additional investigation.
ASIC would then register the adviser on the Financial Advisers Register (FAR).
The Government noted if an adviser provided advice while unregistered, and their licensee had not revoked their authorisation, the licensee was subject to penalties.
“This places the onus on the licensee to register the adviser, or revoke their authorisation,” it said.
“If an adviser gives advice and the ‘adviser’ is not authorised by a licensee (or their authorisation has ceased) – then it is the adviser who is in breach.”
Recommended for you
Former wealth firm director Joshua Fuoco has been convicted of contempt of court, sentenced and permanently banned from being involved in financial services after breaching a 10-year ban.
In its first FY26 action, ASIC has cancelled the AFSLs of two Sydney advice firms over their failures to pay industry funding levies.
The Federal Court has made interim travel restraint orders against two Falcon Capital directors, while also freezing one director’s assets.
For the 2025 financial year, all but one listed advice licensee has reported double-digit share price growth – but which licensee has seen the best performance and what activities have they enacted during the period?
