Professional standards reforms

New information required from 15 November 2019

From 15 November until 31 December 2019, AFS licensees will need to provide ASIC with new information about existing advisers they have authorised. This must be provided to ASIC for purposes of updating the Financial Advisers Register (FAR).

Licensees will need to log in to the ASIC Connect Portal and update the information via a 'Maintain advisers/authorised representatives' transaction. This is the same transaction that is currently used, with the addition of new fields from 15 November 2019.

Please note that AFS licensees will not be able to update these details prior to 15 November 2019.

AFS licensees will need to provide the following new information:

1. Addresses

1a Principal place of business

The principal place of business of the financial adviser, which includes the following fields:

  • *Country
  • Building/Property name
  • Floor/Level
  • Unit/Office
  • *Street number
  • *Street name
  • *Street type
  • *City/Suburb
  • *Postcode
  • *State/Territory

The fields marked with * are mandatory.

1b Email address

The email address of the financial adviser.

This will only be used to send ASIC notices and correspondence and will not be available to the public.

If an adviser is also an authorised representative, address details and email address will be pre‑populated from their authorised representative record. Licensees will be able to duplicate the existing addresses for the financial adviser appointment by selecting a checkbox.

2. Adviser role type

Licensees will need to select a role type for the existing adviser from the following three choices (select from drop down list):

  • financial adviser
  • time-share adviser, or
  • provisional financial adviser.

3. Compliance scheme membership

The name of the compliance scheme that the adviser is covered by (select from drop down list) and the date of the compliance scheme cover started [select the calendar date when the cover started].

4. Information about AFS licensees – CPD year

AFS licensees will also need to notify ASIC of the start date of their continuing professional development (CPD) year. AFS licensees will need to do this between 15 November and 31 December 2019 by submitting a Form FS20 Change of details for an Australian financial services licence. More information about FS20.

Other new FAR information

From 15 November 2019, there will be other new fields available on FAR. These fields are not required to be completed by 31 December 2019. These new fields are detailed below.

1. Exam

AFS licensees will need to inform ASIC of the date the existing adviser was notified that they had passed the FASEA exam [DD/MM/YYYY format or select the calendar date].

2. Continuing professional development

AFS licensees will only need to update FAR if their advisers have failed to meet their annual requirements for continuing professional development (CPD).

In the 'Maintain advisers/authorised representatives' transaction AFS licensees will be required to select the calendar date where the adviser has failed to meet these requirements.

'This adviser failed to meet annual requirements for continuing professional development during the 12-month period starting [select the calendar date]'

When the AFS licensee makes this notification FAR will display the following statement for the adviser:

'Failed to meet annual requirements for continuing professional development during the 12-month period starting DDMMYYYY’

3. Qualification and training courses

AFS licensees will need to provide details of the qualifications held by the financial adviser, including:

  1. Name of course
  2. Provider/institution
  3. Year attained
  4. The type of course (this will be the AQF level, which will be a new drop-down field with the following options)
    • Doctoral Degree (AQF 10)
    • Masters Degree (AQF 9)
    • Bachelor Honours Degree (AQF 8)
    • Graduate Diploma (AQF 8)
    • Graduate Certificate (AQF 8)
    • Bachelor Degree (AQF 7)
    • Advanced Diploma (AQF 6)
    • Diploma (AQF 5)
    • Bridging Course – Ethics
    • Bridging Course – Corporations Act
    • Bridging Course – Behavioural Finance
  5. Whether the qualification is FASEA-approved (new field, this is a check box).

Existing advisers must have met the FASEA education requirement by 1 January 2024 and AFS licensees must have provided this information to FAR by this date. AFS licensees can do this by selecting the ‘FASEA‑approved’ check box for the relevant qualification(s).

Note – existing qualifications that are FASEA-approved cannot be edited on FAR. They must be deleted and re‑added with the additional information as described above (i.e. AQF level and FASEA‑approved check box) via the 'Maintain' transaction. This will be a good opportunity to add any new courses an adviser has completed to meet the FASEA requirements.

As an example, an adviser with an approved Bachelor in Financial Planning will also need to undertake a bridging course in ethics. These two courses should be listed on FAR, with the FASEA‑approved checkbox selected for both courses.

Fees

This table details fees that will apply for information provided about existing advisers.

Information about existing advisers

Fee

Principal place of business and email address of the adviser

Fee will not apply when this is initially provided*

Adviser role type

Fee will not apply when this is initially selected*

Compliance scheme membership

Fee will not apply when this is initially provided*

AFS licensees CPD year start date (supplied through FS20 form)

Fee will not apply when this is initially provided*

Exam passed by adviser

Fee will not apply when this is provided*

Notification of adviser’s failure to comply with annual CPD requirements

Fees will apply

Updates to Qualification and Training courses

Fees will apply for any additions or changes to education qualifications or training courses

*A fee will apply if any other information is added or changed in the ‘Maintain advisers/authorised representatives’ transaction.

More information about fees

Provisional financial advisers

Between 1 January 2019 and 14 November 2019, AFS licensees do not need to tell ASIC that they have appointed a provisional relevant provider.

From 15 November 2019 AFS licensees will need to tell ASIC of any provisional financial advisers that they have authorised since 1 January 2019. This includes adding to FAR the details of:

  • any provisional financial advisers authorised between 1 January 2019 and 14 November 2019. This must be done before 1 January 2020.
  • any provisional financial advisers that they authorise from 15 November 2019 onwards, within 30 business days of the authorisation.

Fees apply to these transactions. More information about fees

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Last updated: 13/09/2019 03:14