ASIC has recently written to a number of insurance brokers in relation to the ASIC Financial Advisers Register.
The Financial Advisers Register was implemented some time ago and is intended to be a public register of people who are authorised to give personal advice to retail customers on a range of financial products and services. The purpose of the recent ASIC letter was to remind AFS licence holders of the obligation to meet the requirements in relation to the Register.
When the Register was established, the Federal Government made it clear that any person only giving personal advice in relation to general insurance products and/or consumer credit insurance would not have to be included on the Financial Advisers Register.
NIBA understands the recent ASIC letters may have gone to AFS licensees, including insurance brokers, with only a general insurance product authorisation, even though they are not required to be included on the Register.
We have discussed the matter with ASIC. ASIC will contact all licensees who received a letter recently but who only have a general insurance product authorisation, and will make it clear that the Register requirements do not apply to them, and that they do not need to respond to the earlier letter. ASIC will contact these licensees by email or by letter in the near future.
Members who have any remaining questions in relation to this matter should contact NIBA CEO, Dallas Booth as soon as possible.