ASIC [on Tue 31.3.2015] launched the first stage of the new Financial Advisers Register, which is now available on ASIC’s MoneySmart website.
ASIC has also updated information for investors about choosing a financial adviser including what questions to ask on its MoneySmart website.
The register contains details of persons employed or authorised – directly or indirectly – by Australian Financial Services licensees to provide personal financial advice to retail clients on investments, superannuation and life insurance. ASIC Deputy Chairman, Peter Kell said the new register enables investors to find out information about their adviser before they receive financial advice. It also gives employers greater ability to assess new financial advisers and will improve ASIC’s ability monitor financial advisers.
Mr Kell said ASIC will now focus its efforts on the second stage of the register which will capture financial adviser qualification, training and professional membership details to be completed and on the register by end May 2015.
ASIC noted there are a small number of advisors who are not yet on the register. While late appointments will continue to be accepted, ASIC said advisers who are not on the register may potentially lose clients. It added that late fee penalties will apply from September 2015.
[LTN 61, 31/3/15]