How many advisers are yet to register with ASIC?
ASIC has issued a final reminder to unregistered financial advisers as the 16 February deadline looms.
According to the corporate regulator, 757 individual relevant advice providers, representing 4.9 per cent of total eligible advisers, are yet to register with ASIC under the new requirements, as of 6 February.
This is down from 6,000 as of 11 January.
ASIC stated that between 1 February and 5 February, it individually emailed those advisers who were unregistered as at 1 February and reminded them of the new requirement.
“ASIC encourages relevant providers to check their registration status on the Financial Advisers Register (FAR) today to ensure that they are recorded as ‘registered’,” the announcement stated.
“If they are not recorded as ‘registered’, they will need to cease providing personal advice from midnight 15 February 2024, until such time as they are registered and noted as such on the FAR. This includes all personal advice as well as ongoing advice services.”
From 16 February, individuals providing personal advice while still unregistered will be breaching a restricted civil penalty provision and the relevant provider’s authorising Australian financial services licensee(s) will have committed an offence of strict liability.
Advisers can use the ASIC Connect website to register by lodging a ‘Registering a Relevant Provider’ transaction, the regulator reminded.
ASIC stated it will also commence a program to ensure compliance with the new obligation shortly.
On 18 January, ASIC agreed to extend the adviser registration date for two weeks until 16 February 2024, as it was announced that almost 6,000 advisers were yet to register as of 11 January.
“Given that the period for registration has coincided with the summer holiday period, ASIC is providing AFS licensees an additional two weeks to register their relevant providers,” it previously said.
The deadline has since been extended four times from its original deadline in order to allow the Treasury Laws Amendment (2023 Measures No.1) Bill to pass Parliament.
AUTHOR
Jasmine Siljic
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
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.
