14 September 2015
Transitional arrangements ending 30 September 2015 - make sure your details are correct!
Take advantage of the transitional arrangements and ensure your financial advisers' and authorised representatives' details are up to date.
New fees and notification periods apply from 1 October 2015 for both financial advisers and authorised representatives:
• Licensees will have 30 business days from the effective date of change to notify appointments or updates
• A fee of $29 will apply to update details or cease a representative
• A $75 late fee will apply when a notification is less than one (calendar) month late
• A $312 late fee will apply when a notification is over one (calendar) month late
Improvements to ASIC Connect
From 1 October 2015, all changes can be notified online for representatives and the existing paper form used to notify changes will be removed from the website.
Improvements include the ability to:
• update addresses for authorised representatives
• nominate a business name for authorised representatives
• update representative names and ABNs for authorised representatives and financial advisers.
• cease an authorised lodger so they can no longer lodge for an AFS licensee or authorised representative
We will also update the invoice to include specific representative details and show the type of fee that was incurred.
Further information about the end of transitional arrangements will be published in the coming weeks.
25 May 2015
Notify now - financial adviser qualifications, training and professional memberships.
Australian financial services (AFS) licensees can now notify the qualifications, training and professional memberships held by their financial advisers.
- For all financial advisers currently on the register this information should be notified by 30 May 2015.
- AFS licensees can notify online using the maintain representatives transaction in ASIC Connect. See our user guide for more information on how to complete the transaction.
- This information will be included on the financial advisers register through ASIC's Moneysmart website from 31 May 2015.
- For new appointments to the register this information will be collected in the appoint transaction available in ASIC Connect.
25 May 2015
Available now – new online transactions for financial advisers and authorised representatives.
Licensees and authorised representatives can now update authorisations, request a correction and cease representatives through ASIC Connect.
14 May 2015
Coming Soon: Financial adviser qualifications, training and professional memberships.
In less than two weeks, Australian Financial Service (AFS) Licensees will need to notify ASIC of the qualifications, training and professional memberships held by their financial advisers.
We encourage AFS licensees to collect this information now.
AFS Licensees can notify this information online using ASIC Connect from 25 May 2015.
Information about a financial adviser's qualifications, training and professional memberships will be available to search on the financial advisers register through ASIC's Moneysmart website on 31 May 2015.
15 April 2015
Licensees, start collecting your financial adviser's qualifications, training and professional membership details now!
Details on what additional information AFS licensees need to provide to ASIC are available now.
Licensees can notify this information online using ASIC Connect from 25 May 2015.
For all initial financial adviser appointments the information should be submitted by 30 May 2015.
Information about a financial adviser's qualifications, training and professional memberships will be available to search on the Financial Advisers Register through ASIC's Moneysmart website on 31 May 2015.
If licensees appoint new financial advisers from 25 May 2015 the information on qualifications, training and professional memberships will be included in the appointment transaction available online in ASIC Connect.
This requirement only relates to financial advisers. There are no changes for authorised representatives.
31 March 2015
ASIC's financial advisers register is now live!
The financial advisers register is now available to search on ASIC's MoneySmart website.
The launch of the new register meets the government's commitment to deliver an enhanced, industry-wide public register of financial advisers. It allows consumers to check whether a financial adviser is authorised to provide financial advice. It also gives employers a greater ability to assess the suitability of an adviser.
Information about a financial adviser's qualifications, training and professional memberships will be added to the register in June 2015.
16 March 2015
Act now - financial advisers must be appointed by 30 March
We encourage AFS licensees to act now and ensure your financial advisers are included in the register from its commencement on 31 March 2015.
The financial advisers register will be available through ASIC's MoneySmart website on 31 March 2015 and will be promoted to consumers from this date.
What you need to do:
- Check you have all the information you need to appoint a financial adviser online.
- Download our How to Appoint a financial adviser user guide.
- Find out how to sign up for an ASIC Connect account and link your licence(s).
9 March 2015
A new online service for appointing financial advisers to the financial advisers register is now available through ASIC Connect.
All initial appointments of financial advisers must be completed by 30 March 2015.
We recommend all AFS licensees sign up to ASIC Connect and start notifying appointments now.
Fees apply to appoint financial advisers to the register. More information is available on our fee arrangements for financial advisers page.
The release of the new online service is an important step in establishing the new financial advisers register which will be publically available from 31 March 2015 at MoneySmart.
3 March 2015
Important information about changes to our services for licensees from today. The following forms will be removed from the AFS licensee and AFS authorised representative portals:
- Form FS30 Variation to ASIC authorised representatives register - appoint an authorised representative
- Form FS31 Variation to ASIC authorised representatives register - revoke an authorised representative
- Form FS32 Variation to ASIC authorised representatives register - vary the details of an authorised representative.
These changes are part of the implementation of the new register of financial advisers and to modernise our online services for licensees.
A new service for appointing authorised representatives and financial advisers will be available from 9 March 2015.
This service will be available online through ASIC Connect. Check out the Support for financial advisers and authorised representatives webpage for more information.
If you have an urgent need to appoint an authorised representative before this date, you can use a paper form, however we will not update the register until after 9 March.
New online transactions for maintaining and ceasing an authorised representative will be available through ASIC Connect in the coming months. If you need to change the details or cease an authorised representative please use the paper forms available via the ASIC website.
Fee Changes – Authorised Representative Register
New fees apply for lodging information on the Authorised Representatives Register.
More information on fees can be found on our website.
11 February 2015
A new register of financial advisers will be released via ASIC's MoneySmart website on 31 March 2015.
This register is an important new tool that will allow consumers to check that their adviser is appropriately authorised to provide advice and to find out more information about their adviser before receiving financial advice.
It will also give employers in the Financial Services industry a greater ability to assess new financial advisers as well as improving our ability in being able to identify and monitor all registered financial advisers in Australia.
ASIC is working with licensees and authorised representatives to assist them to provide the required information under the new regulations.