A note from ASIC to Cuffelinks readers
In March this year, ASIC launched the Financial Advisers Register (FAR), the first comprehensive register of people who provide personal advice on investments, superannuation and life insurance.
The Register, which now has around 22,500 appointments, makes it easier for investors, employers and ASIC to find out where a financial adviser has worked, their qualifications, training, memberships of professional bodies and what products they can advise on.
In the last six months more than 150,000 people have searched the register to find out about a financial adviser. If you haven’t had a look yet, you can search on ASIC's MoneySmart website. There is also information on MoneySmart about what questions to ask when choosing a financial adviser. If you have any questions regarding the FAR, please email far@asic.gov.au.
Licensees alert
The register is a major undertaking and has relied on licensees providing up to date information on their financial advisers. During the transition period ASIC did not impose late fees for changes.
Licensees should be aware that the transitional arrangements for the Financial Advisers Register and Authorised Representatives Register ended on 30 September 2015.
From 1 October 2015, new fees and notification periods will apply:
- Licensees will have 30 business days from the date of change to notify appointments
- A fee of $29 will apply to update details or cease a representative
- A $75 late fee will apply when a notification is less than one (calendar) month late
- A $312 late fee will apply when a notification is over one (calendar) month late
Improvements to ASIC Connect
ASIC is also implementing some system improvements to ASIC Connect. From October 1 2015, licensees will be able to update all financial adviser and authorised representative details online.
This includes the ability to:
- update addresses
- nominate a business name
- update names and ABNs
There are also some changes to the invoice: fees will now show a representative's name, and include the type of fee applied.
Further information about the end of transitional arrangements for the Financial Advisers Register are on www.asic.gov.au/far from 1 October 2015.