ASIC reaffirms ongoing registration obligation for financial advisers


Key points

  • Following the commencement of the registration requirement on 16 February 2024, most financial advisers (known as relevant providers) have been registered with ASIC and can legally provide personal advice to retail clients in relation to relevant financial products.
  • AFS licensees and relevant providers need to be aware of their ongoing registration obligations, ensuring that they understand when an individual needs to be registered and the circumstances which may lead to a relevant provider being unregistered.

While most relevant providers are currently registered, ASIC reminds AFS licensees and relevant providers of the importance of complying with the registration obligation on an ongoing basis.

Both AFS licensees and relevant providers should ensure that they understand the circumstances where new registration is required. AFS licensees must register their relevant providers:

  • after they authorise and appoint an adviser to the Financial Advisers Register,
  • when they appoint an adviser who has moved from another AFS licensee,
  • when an adviser changes roles from a ‘provisional relevant provider’ to a ‘relevant provider’, and
  • when an adviser is dually authorised, and the adviser’s authorisation with their registering AFS licensee ceases.

Information Sheet 276 FAQs: Registration for relevant providers (INFO 276) sets out information about the registration requirement, including when a registration will cease.

From 16 February 2024, unregistered relevant providers who provide personal advice to retail clients in relation to relevant financial products, together with their AFS licensee(s), will be in breach of the law and face potential regulatory action.

For further information, see:

ASIC is Australia’s corporate, markets and financial services regulator.

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