Today ASIC releases guidance for providers of tax (financial) advice services following the introduction of the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 (Better Advice Act).

The Act requires, among other things, that all financial advisers who provide personal advice to retail clients about relevant financial products be registered with ASIC by 1 January 2023. Information Sheet 268 FAQs: Regulation and registration of relevant providers of tax (financial) advice services (INFO 268) addresses frequently asked questions (FAQs) about the regulation and registration of relevant providers who provide, or intend to provide, tax (financial) advice services.

Questions addressed in INFO 268 include:

• What does the Better Advice Act mean for tax (financial) advisers who give personal advice to retail clients?
• If I am registered with the Tax Practitioners Board as an individual tax (financial) adviser, can I provide tax (financial) advice services from 1 January 2022?
• How does deemed registration work?
• How does ASIC registration work?
• What if I’m not registered with the Tax Practitioners Board (TPB) as an individual tax (financial) adviser before 1 January 2022?
• If I am registered with the Tax Practitioners Board as a Tax Agent, will I be deemed registered with ASIC?
• Do I need to complete the new education and training requirements to provide tax (financial) advice services?

For more information, see INFO 268 and visit ASIC’s Financial Advice Hub.

Background

The Act broadens a number of ASIC’s responsibilities relating to the financial advice industry. For more information about ASIC’s role under the Act, see Better Advice Act broadens ASIC’s regulatory responsibilities.