ASIC Extends Financial Advisor Registration Deadline to October 1st

The Australian Securities and Investments Commission (ASIC) today announced that it will extend the registration deadline for financial advisors who provide personal advice to retail clients on relevant financial products to October 1st, 2023.

The delay to the registration requirement will allow time for Parliament to consider the improvements proposed by the Bill, and enable Australian financial service (AFS) licensees to understand the registration requirement and to make necessary applications to register their relevant providers with ASIC.

In addition, the regulator will assist the financial advice industry to understand and comply with the registration requirement by issuing regulatory guidance and conducting webinars.

ASIC also noted: "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."