Following a series of spot checks that identified common errors in FAR details, the Australian Securities and Investments Commission (ASIC) has released a one-off, point-in-time dataset to help AFS licensees identify information that needs to be corrected or updated.
Top of the list for errors that ASIC found is relevant providers being marked as relying on the experienced provider pathway when they “do not appear eligible”.
Relevant providers’ qualifications and training courses marked as going towards meeting the qualifications standard when the course(s) has not been completed or is not an approved course of study was also identified, along with either lacking or incorrect information about the capacity in which the relevant provider can provide tax (financial) advice services.
“AFS licensees must ensure the information recorded on the Financial Advisers Register is correct for the relevant providers they authorise,” ASIC said.
“Where the information is incorrect or out of date, AFS licensees must notify ASIC of the change within 30 business days of the change occurring to avoid a late fee.
“It is an offence to knowingly provide false or misleading information to ASIC or to fail to take reasonable steps to ensure that the information provided to ASIC is true and correct, which includes updating the Financial Advisers Register.”
While the dataset is currently live, from 15 August 2025 it will be updated to include if an AFS licensee has notified ASIC that a relevant provider has made a declaration that they are relying on the experienced provider pathway to meet the qualifications standard and the date the relevant provider passed the exam.
At the start of June, ASIC warned that more than 4,600 advisers were yet to meet the qualifications standards, with the 1 January deadline approaching.
ASIC called on relevant providers and their authorising AFS licensees to immediately check all relevant information on the FAR.
It discovered AFS licensees have notified ASIC that 6,426 relevant providers of the total 15,610 registered on the FAR hold an approved degree or qualification, as of 28 May 2025. Meanwhile, an additional 4,580 are relying on the experienced provider pathway.
This leaves a remaining total of 4,604 relevant providers who are yet to meet the qualifications standard, the regulator highlighted. Of this cohort, 1,844 may be eligible for the experienced provider pathway, but their AFS licensees are yet to notify ASIC of that information.
“However, inaccurate information submitted by AFS licensees affects the accuracy of the numbers reported above, with ASIC’s latest spot check identifying ongoing errors and inconsistencies,” it said at the time.
The regulator added it will continue monitoring information on the FAR in the lead-up to 1 January 2026 and will consider further regulatory responses if necessary.
Following the deadline, ASIC will then undertake a compliance program where it will rely on FAR records to determine if relevant providers remain authorised to provide personal advice to retail clients.
Have ASIC released this FAR data set yet ?
15th August and not to be found anywhere ?