Advisers must remember to register before FASEA takes effect

23 November 2018
| By Hannah Wootton |
image
image
expand image

Authorised advisers need to make sure they’re on the Australian Securities and Investments Commission’s (ASIC’s) Financial Advisers Register by the end of the year, before new professional standards requirements take effect, or risk being treated as a new entrant under the reforms.

The regulator today reminded advisers that only those who were authorised at any time between 1 January 2016 and 1 January 2019, and who were not prohibited from providing advice on 1 January 2019, would be recognised as an 'existing provider' under the reforms.

Without recognition as an existing provider, advisers would be treated as a new entrant under the changes, meaning they would have to meet new education and training requirements to provide advice. They would also have to complete an approved qualification and the recently released exam requirements before they can be authorised to give advice, and then complete the professional year.

ASIC also reminded planners that registration on the Financial Advisers Register was the responsibility of the Australian financial services licensees who authorised advisers.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago