Who updates the Financial Advisers Register?
While ASIC manages the Financial Advisers Register, it is the Australian financial services (AFS) licensee's responsibility to add and update information about the advisers they authorise (including provisional financial advisers and time-share advisers).
If an AFS licensee does not maintain information on the Register, they are in breach of their obligations. Penalties may apply. It is also in the AFS licensee's interest to do this to help consumers choose a financial adviser.
When a financial adviser's details change, the AFS licensee must update the Register within 30 business days.
You need an ASIC Connect account to update the Register. ASIC Connect is our online service for notifying and updating details with ASIC. Fees apply for updating the Register.
Additional information required from 15 November 2019
To comply with the professional standards for financial advisers, AFS licensees must add new information to the Financial Advisers Register from 15 November 2019. For more details and compliance dates, see Timeline for the reforms.
As an AFS licensee, you can update your details on the Financial Advisers Register, and the details of financial advisers you have authorised.
When you apply for your AFS licence, you can nominate a person in your business to manage your AFS licence. This person is called a responsible manager or key person, and can update the Register on your behalf.
To update the Register, your ASIC Connect account must be linked to your AFS licence.
If you are an authorised representative of an AFS licensee, you can update the details of financial advisers you have appointed on Financial Advisers Register.
To update the Register, the AFS licensee needs to link you to their ASIC Connect account.
Authorised representatives are listed on the Authorised Representatives Register.