ASIC releases new instrument for financial adviser professional standards reforms

ASIC has released a new legislative instrument relating to the professional standards reforms for financial advisers, as announced on 1 August 2018.

The instrument makes changes to the reporting dates for a number of disclosure obligations in the transition to the new financial adviser professional standards reforms.

It also makes minor technical amendments to address unintended consequences to ensure that the new education and training standards apply in a consistent way to individuals at the intended time. The reporting changes will simplify licensees’ notification obligations and enable ASIC to implement the required systems changes more effectively.

These changes do not affect advisers’ and licensees’ substantive obligations under the professional standards reforms. Advisers and licensees must still comply with the new substantive professionalism and education requirements and licensees must keep appropriate records for compliance purposes.

Further information about the changes to notification dates can be found on ASIC’s Professional standards for financial advisers – reforms website. The Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 commenced on 15 March 2017. It introduces a number of new requirements for advisers who provide personal advice to retail clients on more complex financial products.