The ASIC Financial Advisers Register now officially displays whether financial planners can provide tax (financial) advice.

In a media release on Thursday, ASIC said commencing from 1 February 2023, the ASIC FAR which is published on MoneySmart will display whether a relevant provider can provide the service.

It is the responsibility of AFSLs to ensure that the information recorded on the FAR about their relevant providers is correct.

ASIC had urged licensees to make sure adviser details were correct ahead of the implementation of the update to the FAR.

AFSLs can update their relevant providers’ details using the ‘maintain’ function on ASIC Connect. There is no cost to notify ASIC of whether a relevant providers can or cannot provide tax (financial) advice services for the first time.

If ASIC has not been notified about whether a relevant provider can provide tax (financial) advice services, the FAR will not display whether the relevant provider can provide tax (financial) advice services.