Licensees urged to disclose adviser info as deadline looms

ASIC has warned licensees to add new details about their advisers onto its register before the end of the year.

The corporate regulator said it updated its Financial Advisers Register last month to collect the new information required by the recent professional standards reforms for financial advisers.

Licensees must provide the additional information about their advisers through ASIC’s Connect portal by 1 January 2020.

“AFS licensees should note that ASIC offices are closed between Christmas Eve and the end of the year,” ASIC said.

“We encourage all AFS licensees to do their reporting as soon as possible in case ASIC assistance is required.”

ASIC requires the following information from licensees to be added to the register:

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When

Information to add to the Financial Advisers Register

From 15 November to 31 December 2019 for existing financial advisers

  • Principal place of business address
  • Email address
  • Adviser role type
  • Appoint financial advisers, including provisional financial advisers, authorised between 1 January and 14 November 2019
  • Continuing professional development (CPD) year start date (notify with Form FS 20)

From 15 November 2019 onwards for existing and new financial advisers

  • Principal place of business address
  • Email address
  • Adviser role type
  • CPD year start date
  • FASEA exam pass date*
  • Qualification details*
  • Failure to comply with the Code of Ethics or CPD requirements
  • Appoint financial advisers, including provisional financial advisers, within 30 days of authorisation

Source: ASIC

Licensees urged to disclose adviser info as deadline looms
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