Following the commencement of the Treasury Laws Amendment (2023 Measures No. 3) Act 2023, financial advisers who are both a relevant provider and a registered tax agent now satisfy the definition of a ‘qualified tax relevant provider’ without having to meet the requirements of Division 3 of Part 3 of the Corporations (Relevant Providers—Education and Training Standards) Determination 2021 (Relevant Providers Determination).

ASIC will make a one-off update to the Financial Advisers Register on Friday 3 November to record that individuals who are both a relevant provider and a registered tax agent on 20 September 2023 can provide tax (financial) advice services to retail clients on relevant financial products. ASIC has written to affected individuals and their AFS licensees in October 2023 regarding the one-off update.

AFS licensees can update the details of the relevant providers that they authorise using the ‘maintain’ function on ASIC Connect. There is no cost to notify ASIC of whether a relevant provider can or cannot provide tax (financial) advice services for the first time.

It is important to note that it is the responsibility of AFS licensees to ensure that the information recorded on the Financial Advisers Register about their relevant providers is correct. For more information see ASIC’s updated regulatory guidance: Information Sheet 268 FAQs: Relevant providers who provide tax (financial) advice services (INFO 268).

ASIC is Australia’s corporate, markets and financial services regulator.