Financial adviser registration to occur in two stages
Financial adviser registration under the Better Advice Act will occur in two stages, the corporate regulator has revealed.
The act required all advisers who provided personal advice to retail clients about relevant financial products be registered by 1 January, 2023.
The Australian Securities and Investments Commission (ASIC) said the first stage provided a one-off registration process administered by ASIC using the existing Financial Adviser Register (FAR).
Financial advisers who were registered with the Tax Practitioners Board (TPB) as a tax (financial) adviser as at 31 December, 2021, would generally be deemed to be registered with ASIC under stage one.
The regulator said stage two commenced once the FAR transitioned to the Australian Tax Office as part of the Australian Business Registry System (ABRS).
ASIC noted it would provide guidance on registration later in the year.
Recommended for you
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
Morningstar has made two business development appointments to drive the growth strategy of its financial advice software, AdviserLogic.
