Are you Registered as a Financial Adviser?

In late November, ASIC confirmed that all financial advisers would need to be registered by the 1 February 2024 deadline in order to continue to provide personal advice to retail clients.  This new obligation, which includes advisers making a declaration of fit and proper status, was part of the 2021 Better Advice Bill.  The commencement of the registration requirement, which must be undertaken by licensees, was deferred as a result of a delay in the Government passing necessary legislation.  That has now been done.

Advisers who were registered with the TPB at at 1 January 2022, and have not changed licensee since, are deemed to be registered and do not need to take any further action.  You can check if you are registered by going onto the Financial Adviser Register and search for your record.   Registration status appears at the bottom of the first box.  It will either say Registered or Not Registered.  As at 18 December 2023, only 50% of advisers were registered.  This does not apply to Provisional Financial Advisers doing their Professional Year.  For more context on this obligation, please read ASIC Information Sheet 276. 

Make sure that you are registered, and if not then follow up with your licensee.  Time is short!