The Financial Advice Association Australia (FAAA) is urging immediate action among advisers who are yet to meet the education and experience requirements deadline.
“If you get an email from us, you need to act on it and it’s because there’s a gap in that data set that’s important that speaks to your ability to continue to advise,” FAAA chief executive Sarah Abood told members during an end-of-year webinar held last week.
Abood pointed out it is especially important for members to act now because if they stay on the Financial Advice Register (FAR) in 2026 without the relevant requirements, they may end up needing to complete a degree regardless.
“If you’re not entirely certain you meet the requirements or you’ve recently found out you need to do another course or something of that nature, the reason you have to act now is if you come off the register before December 31, let’s say because you [haven’t completed an extra course you were required to], then you can [undertake] that course, go back on [the register] and retain your experienced provider status,” she said.
“But if you’re still on the register on 1 January and only later realise that you don’t meet the requirements, you will have to [complete] the full degree and you will have to do the professional year. So the consequences of getting this wrong are really, really dire.”
She told members if there was one thing they took away from the webinar, it should be to check their relevant qualifications were up to date. To this end, she indicated members who have concerns can call the FAAA and their licensee should be able to help as well.
“We’ve been in contact with a whole range of licensees as part of this, so licensees who have advisers who are affected, we’ve communicated with them as well,” she explained.
The Australian Securities and Investments Commission is sharing weekly data with the FAAA, which it then passes on to members, on the number of advisers on the register and the gaps in the different pathways.
According to Abood, there were about 1800 records on the database that did not have qualified tax relevant provider (QTRP) status.
“It’s pretty hard to provide financial advice without that QTRP status. And, of course, if you don’t have it, then you can’t offer your clients the opportunity to have some of their upfront fee deductible,” she noted.
“So, unless you’re totally sure that you’re all good, please double check.”
