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ASIC, Education

ASIC delays reporting dates for adviser reforms

The Australian Securities and Investments Commission (ASIC) today released a new legislative instrument relating to the professional standards reforms for financial advisers.

The ASIC Corporations (Professional Standards – Transitional) Instrument 2018/894 makes changes to the reporting dates for a number of disclosure obligations in the transition to the new financial adviser professional standards reforms.

It also makes minor technical amendments to address unintended consequences to ensure the new education and training standards apply in a consistent way to individuals at the intended time.

The reporting changes will simplify licensees’ notification obligations and enable the regulator to implement the required system changes more effectively.

ASIC underscored these changes do not affect advisers’ and licensees’ substantive obligations under the professional standards reforms.

Advisers and licensees must still comply with the new substantive professionalism and education requirements, and licensees must keep appropriate records for compliance purposes.

The Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 commenced on 15 March 2017.

It introduced a number of new requirements for advisers who provide personal advice to retail clients on more complex financial products.

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