The Australian Securities and Investments Commission (ASIC) will list which practitioners recorded on its Financial Advisers Register (FAR) are able to provide tax advice and has emphasised it will only display the information licensees have provided about the capabilities of their authorised representatives.
ASIC stated from 1 February 2023, the FAR – published on its Moneysmart website, will display whether a financial adviser can provide tax (financial) advice services to retail clients but the publication of accurate data was dependent on information provided by practitioner’s Australian Financial Services (AFS) licensee.
The regulator noted any financial adviser who provides tax (financial) advice services to retail clients must meet specific requirements, including the completion of courses in commercial law and taxation law, and will be known as a qualified tax relevant provider (QTRP).
Advisers who are registered with the Tax Practitioners Board as individual tax (financial) advisers will also be considered as QTRPs and ASIC has contacted them and their AFS licensees with regard to this status.
“ASIC also recorded on the FAR that these financial advisers can provide tax (financial) advice services, unless their AFS licensee has advised ASIC that they are not authorised to provide tax (financial) advice services. This is the record that ASIC intends to display from 1 February 2023,” ASIC said.
“If this information isn’t already recorded on the FAR, AFS licensees should notify ASIC before 1 February 2023 whether their financial advisers can provide tax (financial) advice services.
“Importantly, if ASIC is not notified whether a financial adviser can provide tax (financial) advice services by 1 February 2023, the FAR will not display whether the adviser can provide tax (financial) advice services.
“It is the responsibility of AFS licensees to ensure that the details recorded on the FAR about their financial advisers is correct.”
The corporate watchdog acknowledged an adviser’s details can be updated at no cost via the ASIC Connect portal and the requirements to be registered as a QTRP are separate to those enabling practitioners to be registered with ASIC by 1 July 2023.
