ASIC urges AFS licensees to provide new information about their financial advisers

ASIC has prompted Australian financial services (AFS) licensees who have not yet updated the Financial Advisers Register (Register) to add new details about their financial advisers by 1 January 2020.

The Register was updated by ASIC last month to collect the new information required by the recent professional standards reforms for financial advisers. NIBA CEO Dallas Booth has said, “With the ongoing implementation of reforms relating to life and investment financial advisers, ASIC is now collecting extensive information on the ASIC Financial Advisers Register.

“The Financial Advisers Register does not apply to those giving advice in relation to general insurance products.

“If you or your Authorised Representatives are required to provide information to the Financial Advisers Register, new information must now be provided to the Register.”

Further information about the Financial Advisers Register, and the information that must be provided to the Register, is available at the ASIC website.

ASIC has also reminded that their offices are closed between Christmas eve and the end of the year and that they encourage all AFS licensees to do their reporting as soon as possible in case ASIC assistance is required.