Financial Advisers Register now displays whether financial advisers can provide tax (financial) advice

From 1 February 2023, ASIC’s Financial Advisers Register (FAR) publicly displays whether relevant providers can provide tax (financial) advice services.
To provide tax (financial) advice services to retail clients, relevant providers must meet certain requirements.
ASIC’s Financial Advisers Register (FAR), published on Moneysmart, now displays whether a relevant provider (that is, a person who is authorized to provide personal advice to retail clients about relevant financial products) can provide tax (financial) advice services. This information is displayed under each relevant provider’s appointment details.

From 1 January 2022, advisers who provide tax (financial) advice services to retail clients, must meet the requirements set out in the Corporations (Relevant Providers—Education and Training Standards) Determination 2021. For further information, see ASIC Information Sheet 268 FAQs: Relevant providers who provide tax (financial) advice services (INFO 268).

Australian Financial Services (AFS) licensees must ensure that the information recorded on the FAR about their relevant providers is correct. AFS licensees can update their relevant providers’ details using the ‘maintain’ function on ASIC Connect. There is no cost to notify ASIC of whether a relevant provider can or cannot provide tax (financial) advice services for the first time.

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