The Financial advisors Register is a public record of financial advisors who provide personal advice on complex financial products to consumers. It allows consumers to:
- Check that a financial advisor is authorised to provide financial advice
- Find information about an advisor before getting financial advice from them.
The Register also improves:
- The ability to assess the qualifications, experience, and employment history of financial advisors
- ASIC’s ability to identify and monitor financial advisors in Australia.
Who is on the Register?
The Financial Advisors Register lists all individuals who are authorised as a financial advisor.
The definition of a financial advisor is an individual who is:
- An Australian financial services (AFS) licensee, an authorised representative, employee or director of an AFS licensee, or an employee or director of a related body corporate of an AFS licensee
- Authorised to provide personal advice in relation to relevant financial products to retail clients (consumers).
‘Relevant financial products’ do not include:
- Basic banking products
- General insurance products
- Consumer credit insurance
- A combination of any of those products.
A financial advisor who has their own AFS licence is listed on:
- The Financial Advisors Register, and
- The AFS Licensees Register.
Who is not on the Register?
Advisors who do not meet the ‘financial advisor’ definition above are not on the Financial Advisors Register. For example, the following people are not on the Register:
- A person who provides general advice
- A person who provides personal advice on products that are not relevant financial products, such as general insurance, consumer credit insurance or basic banking products.
If this person is an authorised representative for an AFS licensee, then they are listed on the Authorised Representatives Register.
If an AFS licence is held by a company, the company is not listed on the Register. Only individual financial advisors with their own AFS licence or authorised as a financial advisor under an AFS licence are listed.
Who updates the Register?
While ASIC manages the Financial Advisors Register, it is the AFS licensees’ responsibility to add and update information on the Register. It is a breach of their obligations not to do so and penalties may apply.AFS licensees can authorise other persons to update the Register on their behalf.
Information on the Register
The Financial Advisors Register provides information about financial advisors, including:
- Name
- Work history
- Qualifications and training
- Financial products they can advise on.
When to update the Register?
AFS licensees must update the Financial Advisors Register when:
- They authorise a financial advisor
- A financial advisor no longer works under their licence
- A financial advisor’s details change – for example, their name, qualifications or financial products they can advise on.
AFS licensees must update the Register within 30 business days.
Source: asic.gov.au
