ASIC will extend the deadline for its new adviser registration requirement, a day after the Financial Advice Association noted almost 6000 have been yet to complete it.
In a media release from the regulator on Thursday afternoon, ASIC said given that the period for registration has coincided with the summer holiday period, it is providing AFS licensees an additional two weeks to register their relevant providers.
ASIC’s records showed that as at 9am on 18 January 2024, 4036 financial advisers (26 per cent of the Financial Adviser Register) who provide personal advice to retail clients on relevant products (relevant providers) are still not registered with ASIC.
The regulator has made an instrument which, on commencement, will extend the registration period until 16 February 2024.
From 16 February 2024, all relevant providers, including time-share advisers, must be registered. This does not include provisional relevant providers.
The regulator said a relevant provider giving personal advice while unregistered will be in breach of a restricted civil penalty provision and the relevant provider’s authorising AFS licensee(s) will have committed an offence of strict liability and contravened a civil penalty provision.
ASIC added it will not provide any further extensions after this time and will focus on ensuring compliance with the registration regime and taking regulatory action where required.
The registration requirement, which has been delayed multiple times, is separate from the existing requirement for an AFSL to appoint a financial adviser that they authorise to ASIC’s Financial Adviser Register.