ASIC is again urging relevant providers and their authorising AFS licensees to immediately check all relevant information on the Financial Advisers Register.
ASIC has conducted a second spot check of the Financial Advisers Register focusing on the accuracy of relevant provider qualifications. This information is critical in the in the lead up to 1 January 2026 when all relevant providers must meet the qualifications standard.
As of 28 May 2025, of the 15,610 relevant providers on the Financial Advisers Register, AFS licensees have notified ASIC that 6,426 relevant providers hold an approved degree or qualification and 4,580 are relying on the experienced provider pathway. The remaining 4,604 relevant providers have yet to meet the qualifications standard. Of this cohort, 1,844 may be eligible for the experienced provider pathway, but their AFS licensees are yet to notify ASIC.
However, inaccurate information submitted by AFS licensees effects the accuracy of the numbers reported above, with ASIC's latest spot check identifying ongoing errors and inconsistencies. Some of the errors identified include:
- instances where relevant providers have declared they are relying on the experienced provider pathway when they do not appear eligible,
- relevant providers whose qualifications have been marked as going toward meeting the qualifications standard when the course has not yet been completed or is not an approved course of study, and
- information about a relevant provider's authorisation history, including periods of time when they were not a relevant provider.
It is a serious offence to knowingly provide false or misleading information to ASIC or to fail to take reasonable steps to ensure the information provided is true and correct. It is also an offence to fail to update the Financial Advisers Register within 30 business days of a change to a relevant provider's details.
ASIC will continue monitoring information on the Financial Advisers Register in the lead up to January 2026 and will consider further regulatory responses if required.
After 1 January 2026, ASIC will undertake a compliance program, relying on records on the Financial Advisers Register to determine if relevant providers remain authorised to provide personal advice to retail clients.
AFS licensee reviews of the Financial Adviser Register should focus on the relevant provider's qualification(s), authorisation history, ability to provide tax (financial) advice services, business address and contact details.
Specifically, AFS licensees should ensure each relevant provider, who intends to provide personal advice from 1 January 2026:
- has completed or is on track to complete an approved qualification,
- has completed or is on track to complete a qualification the Minister has determined to be equivalent to an approved qualification for existing providers, or
- is eligible to access the experienced provider pathway.
AFS licensees should also review the information currently on the Financial Advisers Register about how your relevant providers meet the qualifications standard and ensure it is recorded correctly. This includes only marking the tick box for qualifications and training courses that go towards the relevant provider meeting the qualifications standard.
Other important checks for AFS licensees include:
- Checking relevant providers' authorisation history to ensure it is accurate. ASIC has identified that some AFS licensees have provided employment history that was not recent advising history as a relevant provider. For example, providing employment history that was in a paraplanning or client service assistant capacity.
- Confirming that relevant providers meet the definition of an 'existing provider' if they intend to meet the qualifications standard by completing a qualification the Minister has determined to be equivalent to an approved qualification.
- Notifying ASIC after confirming that relevant providers meet the eligibility criteria if they are relying on, or intend to rely on, the experienced provider pathway. Checks should also include a review of authorisation history as a relevant provider to determine if they meet the 3650-day count during the prescribed period.
- Notifying ASIC after confirming relevant providers have completed the prescribed courses in commercial law and taxation law if they provide or intend to provide tax (financial) advice services. 'Existing providers' must complete the prescribed courses before 1 January 2026 if they intend to continue to provide tax (financial) advice services. Some relevant providers are exempt from completing the prescribed courses.
- Ensuring relevant providers' contact details are correct.
To assist AFS licensees perform some of these checks, ASIC has provided a one-off temporary dataset on the ASIC website. The dataset includes relevant providers' capacity to provide tax (financial) advice services and information on qualification and training courses.
Any incorrect or outdated information must be corrected by lodging a 'maintain' transaction via ASIC Connect.
Background
Since 1 January 2019, specific professional standards have applied to relevant providers. One of these standards relates to the completion of an approved degree or qualification, with compliance requirements differing depending on an adviser's personal circumstances. It is vital that information about each relevant provider is accurately recorded on the Financial Advisers Register.
Approved degrees and equivalent qualifications are set by the Minister for Financial Services and are individually listed in the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2021.
Relevant providers who are eligible to access the experienced provider pathway have been able to make a declaration since 21 September 2023. From 1 July 2024, AFS licensees have been required to notify ASIC using ASIC Connect where they have received a declaration from a financial adviser who is eligible to access the experienced provider pathway. Information on how to access the experienced provider pathway is available on ASIC's website.
More information
ASIC is Australia's corporate, markets and financial services regulator.
