ASIC to extend date for financial adviser registration requirement

Key points
ASIC is extending the date by which financial advisers must be registered to 1 October 2023.
After the Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 has passed into law ASIC will issue regulatory guidance, conduct webinars, and open the registration portal to commence accepting applications for registration.
ASIC will extend the date by which relevant providers – that is, financial advisers who provide personal advice to retail clients on relevant financial products (including time share advisers) – must be registered. Relevant providers will now need to be registered by 1 October 2023.

A further delay to the registration requirement will allow time for:

Parliament to consider the improvements proposed by the Bill;
ASIC to assist the financial advice industry to understand and comply with the registration requirement by issuing regulatory guidance and conducting webinars; and
Australian financial service (AFS) licensees to understand the registration requirement and to make necessary applications to register their relevant providers with ASIC.
The registration requirement is new. It is separate, and in addition to, the pre-existing requirements for an AFS licensee to appoint a relevant provider to the Financial Advisers Register after they have been authorised. Provisional Relevant Providers cannot be registered.

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