Q: What is the Financial Advisers Register?
A: The Financial Advisers Register is a register of individuals who are authorised to provide personal advice to retail clients on investments, superannuation (including SMSFs) and life insurance (i.e. ‘relevant financial products’). It contains details of, for example, where the adviser has worked, their qualifications, training, memberships of professional bodies and what products they can advise on.
Q: Who is a financial adviser?
A: The term ‘financial adviser’ means a natural person (i.e. a human being) who:
- is authorised to provide personal advice,
- on one or more relevant financial products,
- to retail clients.
Being authorised to provide ‘financial product advice’ or ‘class of product advice’ (in the case of limited licensees) means you are authorised to provide personal advice.
Q: What is a ‘relevant financial product’?
A: All financial products are relevant financial products, with the exception of basic banking products, general insurance and consumer credit insurance. They include, for example, superannuation (including SMSFs), life risk insurance, securities and managed investment schemes.
Q: Who needs to be on the Financial Advisers Register?
A: Employees, directors, authorised representatives and employees or directors of a related body corporate may all need to be on the Financial Advisers register if any of these individuals are authorised to provide personal advice on relevant financial products to retail clients.
If an Australian financial services licence, including a limited licence, is held by an individual, this individual must also be listed on the Financial Advisers register. If the licence is held by a company, the company does not need to be listed on the Financial Advisers register. The Financial Advisers Register is a register of individuals only.