Accounting, ASIC

ASIC highlights register deadline for licensees

ASIC AFS licensees

ASIC has reminded AFS licensees of the 1 January 2020 deadline for providing new information about their financial advisers.

The Australian Securities and Investments Commission (ASIC) has called on Australian financial services (AFS) licensees to update the Financial Advisers Register ahead of the January deadline.

The corporate regulator reminded AFS licensees the new details required for the register needed to be submitted by 1 January 2020, in line with the professional standards for financial advisers implemented at the start of the year.

“As part of the professional standards, AFS licensees must give ASIC additional information about financial advisers they have authorised (including provisional financial advisers and time-share advisers). It is a breach of their obligations not to do so and penalties may apply,” ASIC said in an update on its website.

“This allows consumers to check that a financial adviser is authorised to provide financial advice and improves ASIC’s ability to monitor financial advisers’ compliance with the professional standards.”

Information required to be added to the ASIC register by AFS licensees between 15 November and 31 December for existing financial advisers includes their principal place of business address, email address, role type and continuing professional development (CPD) start date.

AFS licensees were also expected to update the register with any appointed financial advisers, including provisional financial advisers, who were authorised between 1 January and 14 November.

From 15 November onwards, qualification details and failures to comply with the code of ethics or CPD requirements were required to be added to the register by AFS licensees for both existing and new financial advisers.

In July, ASIC moved to ensure financial services providers were covered by the industry dispute resolution scheme, prompting 50 firms to sign up to the Australian Financial Complaints Authority.

Earlier this year, the regulator revoked the authorisations of 58 AFS licensees who were also authorised representatives of another AFS licensee.

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