ASIC has today launched the first stage of the new Financial Advisers Register. It is now available to search on ASIC's MoneySmart website.

The new register, which contains more than 19,000 appointments, meets the Australian Government's commitment to provide an industry-wide public register of financial advisers by the end of March 2015.

At the same time, ASIC has updated the information for consumers on its MoneySmart website about choosing financial adviser including what questions to ask.

The register contains details of persons employed or authorised – directly or indirectly - by Australian financial services licensees to provide personal financial advice to retail clients on investments, superannuation and life insurance.

ASIC Deputy Chairman, Peter Kell said 'The new register enables consumers to find out information about their adviser before they receive financial advice. It also gives employers greater ability to assess new financial advisers and will improve ASIC's ability to identify and monitor financial advisers.

'ASIC encourages consumers to visit ASIC's MoneySmart website to check out a financial adviser they are thinking of dealing with, and do some homework before they proceed.  This way, consumers can give themselves the best chance of getting financial advice that meets their needs.

'ASIC will now focus its efforts on the second stage of the register which will capture financial adviser qualification, training and professional membership details to be completed and on the register by end May 2015.'

There is a small number of advisers who are not yet on the register. While late appointments will continue to be accepted, advisers who are not on the register may potentially lose clients. Late fee penalties will apply from September. ASIC can take action in relation to deliberately misleading conduct under the ASIC Act.

ASIC's MoneySmart website encourages consumers to provide feedback on the register.

'ASIC wants the register to be a useful tool for consumers and we expect to make refinements and improvements over time.'

Background

ASIC's MoneySmart tips for choosing a financial adviser are:

• Work out what you want financial advice about; what are your financial needs and objectives?
• Search ASIC's Financial Advisers Register to check out the current employment status and history of a financial adviser.
• Ask about a financial adviser's experience and qualifications to help you achieve your financial goals.
• Check whether a financial adviser can provide advice about the financial products you currently own.
• Understand how your financial adviser will be paid before you engage them; every dollar in fees is a dollar less to invest.
• Get informed about your finances, and the financial advice process, to give yourself the best chance of reaching your financial goals.