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The Financial Advisers Register (FAR) is a list of all persons or entities who provide personal investment, retirement and life insurance advice to retail clients. Australian Financial Services License (AFSL) holders and authorized representatives should ensure that they have provided all necessary information to ASIC.
What is the purpose of the register?
The register of financial advisers allows consumers to verify the authorizations of a financial adviser before seeking advice. The register includes details such as:
- Where a financial adviser worked;
- The advisor’s qualifications, training and membership in professional bodies; and
- The products on which the advisor is authorized to give advice.
The FAR also allows:
- industry participants to verify information about advisors they seek to employ; and
- ASIC to be able to identify and monitor all registered financial advisers in Australia.
What information should be provided to ASIC?
AFSL holders should ensure that they provide ASIC with all required information, as it is considered a breach of their licensing obligations if they do not. AFSL holders must provide ASIC with the following information regarding their financial advisors:
- The date of appointment to the AFSL;
- The representative number;
- Their Australian Business Number (ABN);
- All given names, including surname;
- Date and country of birth;
- State and city of birth (if in Australia);
- The main establishment;
- Email address (it is not displayed on the public register);
- Advisor role type, i.e. Financial Advisor or Interim Financial Advisor;
- Continuing Professional Development (CPD) details and year start date (this is not displayed on the public register);
- Date of passing the financial adviser exam; and
- Qualification details.
What does the register mean for financial advisers?
All new financial advisors must meet all professional standards and complete their professional year before they can be added to the register. For more information on current standards and training requirements, you can read our recent blog post. If an advisor has met the education requirements and passed the financial advisor exam, but is still completing their professional year, they can be added to the FAR as a “provisional advisor.”
If you are a financial adviser and your employer has not registered you, you must ask them to do so. This will ensure that you are listed as authorized to provide personal advice on the respective financial products for which you are qualified and authorized. Once you have been added to the registry, you must verify that your details are correct so that any attempt to contact you, whether by ASIC or a customer, will be received. Any changes to an advisor’s contact information must be updated in the register within 30 business days.
All AFSL holders and authorized representatives should check the register regularly to ensure that the information is up to date and correctly recorded. Regular review of the register ensures that the public, including ASIC and any potential client, receives a true and accurate reflection of the advisor’s education, qualifications and memberships. Additionally, any incorrect information may be deleted or updated. If an adviser’s information on the register is incorrect, AFSL holders and proxies may request a correction of the register. ASIC may also be notified of any changes via the ASIC Connect online portal and charges may apply.
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