Date posted: 17/12/2018 2 min read

The list all financial advisers should be on

There is a list all financial advisers need to be on by the end of the month – and it’s not Santa’s naughty or nice list.

In brief

  • Financial advisers listed on the Financial Advisers Register by 1 January 2019 will be recognised as an ‘existing provider’ under FASEA’s incoming professional standards.
  • This list could exempt you from undergoing 100 hours of structured training and 1500 hours of supervised work before you can provide financial advice again.
  • Operating under a licence does not automatically mean you are registered so all financial advisers should be checking the register.

While you are counting down the seconds to the New Year, you may also be counting down the seconds you have until you can get on the Financial Advisers Register.

This is the list that could exempt you from undergoing 100 hours, or to put this another way, over 12 work days of structured training, and a professional year program which includes 1500 hours of supervised work before you can provide financial advice again.

Financial advisers listed on the Financial Advisers Register by 1 January 2019 will be recognised as an ‘existing provider’ under the new, incoming professional standards being implemented by the Financial Adviser Standards and Ethics Authority (FASEA).

This includes financial advisers who are currently authorised to provide personal advice to retail clients on relevant financial products.

“While you may operate under a licence, this does not automatically mean you are registered so all financial advisers should be checking the register”,
Bronny Speed Financial Advice Leader

This includes financial advisers who are currently authorised to provide personal advice to retail clients on more complex financial products.

“While you may operate under a licence, this does not automatically mean you are registered so all financial advisers should be checking the register”, said Financial Advice Leader, Bronny Speed.

“Those who do have their own licence but find they are not on the list, should register immediately and make sure to register any advisers in their business who are able to be a representative of their licence”.

‘Existing providers’ benefit from transitional arrangements under FASEA’s reforms and without this recognition, an adviser (in addition to passing the exam) must complete a FASEA-approved qualification by 1 January 2019 in order to continue to work as a financial adviser. They must also undertake a year of work and training.

To ensure you are recognised as an ‘existing provider’ and benefit from the transitional arrangements, it is crucial that you check you are on the Financial Advisers Register before the countdown into the New Year begins.

Check you are on the Financial Advisers Register

If you are not on the register, and need to be, notify your licensee immediately.

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Update the Financial Advisers Register

Information for AFS licensees on how to appoint advisers and authorised representatives to the Financial Advisers Register.

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