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Be sure to complete any outstanding FAR transactions by 12 November 2019

As part of the upcoming changes to the Financial Advisers Register (FAR), we are updating our online services and systems. This includes changes to our FAR transactions available in ASIC Connect.

If you have any ‘incomplete’ FAR transactions currently saved in your ASIC Connect account, you need to ensure they have been successfully completed and submitted by 5pm 12 November 2019. Otherwise, they will be removed and you will lose any information you’ve previously entered.

This includes:

  • ‘Appoint representatives’
  • ‘Maintain representatives’
  • ‘Cease representatives’

Delayed deadline for exam and degree requirements

The Minister has announced that the Government will delay the date for existing advisers to meet the exam and degree requirements. The Government intends to legislate this change as the timeframes are set in the Corporations Act 2001. Once legislated, this would mean existing advisers have until 1 January 2022 to pass the exam (one additional year) and 1 January 2026 to meet the degree requirement (two additional years).

For more information please refer to the Minister's announcement of 30 August 2019.

New information requirements

Find out about upcoming changes to the Financial Adviser Register and new requirements for financial advisers from 15 November 2019.

Improvements to online services

  • AFS Licensees can now update all details online for financial advisers and authorised representatives using ASIC Connect. The paper form used to notify changes previously has been removed.
  • We have updated the invoice to include specific representative details and show the type of fee that was incurred.
  • AFS licensee's controlling entity(ies) can now be notified through the AFS licensee portal using the Form FS20 Change of details.

Further information about the new fees and improvements to our online services can be found below.

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Last updated: 21/10/2019 12:41