ASIC released a statement on 3 June calling on relevant providers and their authorising Australian Financial Services (AFS) licensees to immediately check all relevant information on the Financial Advisers Register (FAR).
In the lead-up to the 1 January 2026 deadline for relevant providers to meet the qualifications standard, ASIC conducted a second spot check of the FAR to assess the accuracy of relevant provider qualifications.
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 stated.
Some of the errors identified by the watchdog include:
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Relevant providers declaring they are relying on the experienced provider pathway when they do not appear eligible.
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Relevant providers whose qualifications have been marked as going towards meeting the qualifications standard when the course has not yet been completed or is not an approved course of study.
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Information about a relevant provider’s authorisation history, including periods of time when they were not a relevant provider.
“It is a serious offence to knowingly provide false or misleading information to ASIC or to fail to take reasonable steps to ensure the information provided is true and correct. It is also an offence to fail to update the Financial Advisers Register within 30 business days of a change to a relevant provider’s details,” ASIC said.
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.
“AFS licensee reviews of the Financial Adviser Register should focus on the relevant provider’s qualification(s), authorisation history, ability to provide tax (financial) advice services, business address and contact details.”
Adviser Ratings similarly emphasised earlier this year that time was “rapidly running out” for more than 4,000 advisers if they wish to meet the deadline for their education requirements.
The research firm described the consequences of missing the deadline as “severe” and could have career-altering impacts for much of the profession as they will lose their existing adviser status, resulting in additional requirements before they can practise again.
Until these requirements are met, they would be unable to practise or generate income from providing financial advice.
And add in the (Tax Practitioner Board) now ASIC / FARSEA additional education to remain a Tax Financial Adviser also due 1/1/26.
FARSEA continues to destroy Advisers and enforce re-education onto already very well educated and experienced Advisers.
Most advisers are exempt from additional education to retain Tax Financial Adviser status. Particularly very well educated and experienced ones. Are you sure you have understood the requirements correctly?