The Australian Securities and Investments Commission (ASIC) has reminded practitioners of their obligation to complete their registration with the Financial Services and Credit Panel, which will now serve as the single disciplinary body for financial advisers.
Speaking at the Financial Planning Association 2022 Professionals Congress in Sydney today, ASIC financial advisers senior executive leader Leah Sciacca told delegates: “Registration [with the Financial Services and Credit Panel] is a new requirement and it’s in addition to [being included on the Financial Advisers Register]. It came about as part of the Better Advice Act.”
Sciacca pointed out this may have already occurred for some advisers who have other industry body affiliations.
“Some advisers will already be deemed registered as a result of being registered with the Tax Practitioners Board. Others will not and their licensee will have to go on and register them,” she said.
Sciacca admitted awareness of this obligation was not high and this was confirmed with a poor number of attendees who indicated they knew of the requirement already.
She revealed the deadline for registration had already been pushed back from 1 January 2023 to 1 July 2023 and shared the regulator’s plans to help the process progress in a more rapid manner.
“We do have a planned program of work [to address this situation]. We have an info sheet and will be looking to release that [shortly]. We will also be looking to hold a number of webinars to drive awareness, but also to assist licensees in the mechanics of going on and registering advisers,” she noted.
The registration process will be facilitated through the ASIC Connect portal.
“We’ll look to open that in the second quarter of next year so that there is around a three-month lead time to give licensees enough time to get their advisers who haven’t already been deemed registered [into the program],” she said.
She noted licensees will have to make some declarations as to the fitness and propriety and compliance with the mandatory education standards of the advisers under their stewardship as part of the new registration process.
