On Tuesday, 1 November 2022, the Assistant Treasurer and Minister for Financial Services announced a six-month delay to the requirement to register financial advisers with ASIC (see Delay to financial adviser registration).

Financial advisers will now need to be registered by 1 July 2023. It is important to note that the new registration requirement is separate to the pre-existing requirement for an Australian financial services (AFS) licensee to appoint a financial adviser that they authorise to the Financial Advisers Register.

ASIC previously announced that registration would be available through ASIC Connect from October 2022. However, in light of the announced delay ASIC has not opened the ASIC Connect portal for registration. ASIC now expects AFS licensees will be able to register their financial advisers via the ASIC Connect portal in the second quarter of 2023.

ASIC will publish guidance in advance of the ASIC Connect portal opening for registration. This guidance material will be accompanied by a set of webinars to assist industry comply with the new registration requirement.

Background

The requirement to register financial advisers was introduced by the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021, which among other things, implements the Government’s response to Recommendation 2.10 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.