Minister for financial services announces delay in financial adviser registration

Assistant Treasurer and Minister for Financial Services Stephen Jones has announced that the requirement to register financial advisers with the Australian Securities & Investments Commission (ASIC) will be delayed for six months.

ASIC previously announced that registration will be available through ASIC Connect from October 2022. Now, financial advisers may register until July 01, 2023. However, the new registration requirement is separate from the pre-existing requirement for an Australian financial services (AFS) licensee to appoint a financial adviser that they authorise to the Financial Advisers Register.

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The Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 introduced the requirement to register financial advisers.

Considering the announced delay, ASIC has not yet opened the ASIC Connect portal for registration. Instead, it expects AFS licensees to register their financial advisers via the portal in the second quarter of 2023.

ASIC will publish guidance ahead of the ASIC Connect portal’s opening for registration. A set of webinars will accompany the guide to assist the industry in complying with the new registration requirement.