The Australian Securities and Investments Commission (Asic) announced it will now give financial advisers until 1 July 2023 to sign up to its registration portal Asic Connect.
The registration portal has not been opened yet and the watchdog expects to do so in the second quarter of 2023 alongside the publication of guidance material. The regulator said the registration requirement is separate to those already in place for licensees to appoint a financial adviser that they authorise to the register.
This follows the Royal Commission review into the Australian financial advice industry, which recommended for financial advisers to register with Asic.
This was taken on board by the Aussie government to “give full effect to the new disciplinary system for financial advisers, allowing the cancellation of registration for serious misconduct”, said assistant treasurer and minister for financial services Stephen Jones.
The registration process was supposed to be finished by 1 January 2023, with all advisers who deal with retail clients required to sign up.
The implementation was originally split in two stages:
- First, the registration process administered by Asic; and
- Second, transitioning the Financial Adviser Register to the Australian Tax Office as part of the Australian Business Registry Service.
But Jones said that, while engaging with industry on the matter, the regulator has “identified ways to improve the operation of the stage one registration process with benefits for licensees”.
Neither Jones nor Asic explained what these improvements will be.