Register late fees loom, warns lawyer
ASIC will be penalising advisers and licensees that do not provide accurate details for its financial advisers register before the imminent deadline.
Advisers and licensees have until 30 May to update their details, with the deadline applying to employees, directors and authorised representatives of financial advice licensees.
The Fold senior consultant Sonia Cruz warned advisers that over the next week, additional information needs to be provided including training and courses completed, membership of professional bodies and employment history including licensing.
“As it’s an offence to enter incorrect information, the person entering the additional information must verify it before updating the financial adviser register,” Ms Cruz said.
“If advisers are authorised representatives, both the authorised representative register and the financial adviser register need to be updated when they are appointed and when changes occur.”
The legal consultant recommended that licensees and advice practice managers should request and verify copies and certificates and qualifications including double-checking records with the relevant professional associations.
Speaking to ifa, AFA chief executive Brad Fox said his member services team has been fulfilling a “large number of enquiries from licensees” to confirm the register details.
“We have brought in additional resources to support this process,” Mr Fox said.
He also described the register launch as “rushed” and said that it therefore has only been “marginally” useful to consumers.
The Fold estimates that an average of 2,800 people have accessed the register on ASIC’s MoneySmart website each day since inception.
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