What you need to know about ASIC’s new Financial Advisers Register

The Corporations Amendment (Register of Relevant Providers) Regulation 2015 states that an AFS licensee must lodge a notice with ASIC for every person who provides personal financial product advice to retail clients on its behalf (whether that person is an employee, officer or an authorised representative) that contains the following information:
• name;
• date and place of birth;
• authorising licensee’s name and AFSL number;
• details of the authorised representative who authorised the adviser (if applicable);
• the year in which the adviser first provided personal financial product advice to retail clients;
relevant ABNs;
• details of the financial products in which the adviser is authorised to give personal financial product advice, or class of product advice, to retail clients;
• the recent advising history of the adviser for the 5 years prior to the notice being lodged (i.e. the details of any licensee that authorised the adviser during the prior 5 years); and
• information about relevant qualifications, training courses and memberships of professional bodies.
A natural person who holds an AFS licence will also have their details included on the register. However, an adviser that provides personal advice to retail clients that relates only to basic banking products, general insurance products or consumer credit insurance (or a combination of those products) will not be captured on the register. The register will also contain a range of information about bannings, disqualifications, suspensions and enforceable undertakings under the corporations, credit and superannuation laws. ASIC will populate these areas of the register directly from its records of such events.

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