ASIC relieves AFSLs from compliance scheme

The corporate regulator has assured advice licensees that they won’t be breaching the law should their advisers not able to register with an ASIC-approved compliance scheme by 1 January 2020.

The move comes after ASIC gave licensees a heads-up last month that it would create a new legislative instrument putting this relief into effect.

ASIC has granted a three-year exemption to all AFS licensees from the obligation in the Corporations Act 2001 to ensure that their financial advisers are covered by a compliance scheme and from the associated notification obligations.

The relief follows the government’s announcement in October that it would introduce a single disciplinary body for financial advice.


Industry bodies the Financial Planning Association of Australia and the Association of Financial Advisers would subsequently abandon their attempts to establish their own self-regulating body, Code Monitoring Australia.

ASIC relieves AFSLs from compliance scheme
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Adrian Flores

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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