Cease (remove) a financial adviser

Australian financial services (AFS) licensees must notify ASIC when they remove a financial adviser (including a provisional financial adviser and time-share adviser) from their AFS licence.

To do this, AFS licensees cease (remove) the adviser from the Financial Advisers Register within 30 business days.

When you remove a financial adviser from your AFS licence, and they are not appointed by another AFS licensee on the Register, they will no longer be current on the Register. 

Up to 25 financial advisers can be removed in one transaction.

Follow the steps below to remove a financial adviser from the Register.

1. Check you are authorised to update the Register

You are authorised to update the Financial Advisers Register if you:

  • have your own AFS licence
  • manage an AFS licence for a business, or
  • have been authorised to update the Register by an AFS licensee.

You need to be set up in ASIC Connect to update the Register. ASIC Connect is our online service for notifying and updating details with ASIC.

For more information, see Who updates the Financial Advisers Register.

2. Collect the information you need

You need to provide the following details for each financial adviser you want to remove:

  • the financial adviser's representative number
  • who appointed the financial adviser (AFS licensee or authorised representative)
  • if an authorised representative appointed the financial adviser, the authorised representative's representative number 
  • the role to be ceased (financial adviser and/or authorised representative)
  • the date the financial adviser's role was ceased.

If the financial adviser is also an authorised representative, the AFS licensee has the option to cease their role as a financial adviser and as an authorised representative in one transaction.

If you want to re-appoint an adviser who has been removed from the Register, then you need to Appoint (add) a financial adviser.

3. Decide how you will pay

Fees apply for removing a financial adviser from the Register. You can choose to pay either:

  • online using a credit card, or
  • later by BPAY or invoice.

The cost depends on how many financial advisers you remove. Late fees may also apply. See Fees for updating the Financial Advisers Register.

4. Log in to ASIC Connect

Log in to ASIC Connect and follow the prompts.

Refer to How to cease authorised representatives / advisers for step-by-step instructions.

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Last updated: 15/11/2019 11:39