ASIC has announced that its Financial Advisers Register (FAR) will display whether an adviser can provide tax (financial) advice services to retail clients beginning next month.
In a statement on Friday, the regulator said that Australian Financial Services (AFS) licensees should notify it before February if their financial advisers can provide tax (financial) advice services and this information is not already recorded on the FAR published on Moneysmart.
“Importantly, if ASIC is not notified whether a financial adviser can provide tax (financial) advice services by 1 February 2023, the FAR will not display whether the adviser can provide tax (financial) advice services,” ASIC said.
“It is the responsibility of AFS licensees to ensure that the details recorded on the Financial Advisers Register about their financial advisers is correct.”
ASIC stated that, since the beginning of last year, advisers who provide or intend to provide tax (financial) advice services to retail clients must meet certain new requirements, including the completion of specified courses in commercial law and taxation law.
Additional continuing professional development requirements also apply. Advisers who meet these requirements are known as “qualified tax relevant providers” (QTRPs).
ASIC said that advisers who were registered with the Tax Practitioners Board as individual tax (financial) advisers at the relevant time are taken to be QTRPs on an indefinite basis.
The regulator indicated that it has written to each of these advisers and their respective AFS licensees notifying them of their QTRP status.
“ASIC also recorded on the FAR that these financial advisers can provide tax (financial) advice services unless their AFS licensee has advised ASIC that they are not authorised to provide tax (financial) advice services,” ASIC said.
“This is the record that ASIC intends to display from 1 February 2023.”
ASIC noted that the requirements related to QTRPs are separate from those which require advisers to be registered with the regulator by 1 July. The federal government announced a six-month delay to the financial adviser registration requirement in November last year.
ASIC could not perform worse if they tried. I’m not a believer in conspiracy theories but ….
And our associations calling for this ASIC,TPB rubbish red tape to be canned are where?? Hawaii?
This all well reinforces my decision to cease as a well qualified senior planner almost 2yrs ago! Good luck to the remnants of what was once a unique calling!
Good call on your part, I decided not to change careers two years ago and I regret it nearly every day.
ASIC said they have written to each adviser and I haven’t received one, but I was registered with TPB for that purpose. TPB should have transferred all those records to ASIC. What bureaucratic red tape in 2023!
Same No ASIC letter received for myself or our other Advisers registered with TPB ???
Useless Over Compliance yet again
Same here, registered for TPB and received nothing from them.
More Regulation
More Education
More CPD
More Red Tape Compliance & costs
More Canberra bureaucratic madness.
Welcome to 2023 Advisers.
Same crap, New Year.
Australian Government & Bureaucracy =
World champions of useless Red Tape Compliance and crazy costs.