Timeline for the reforms

From 1 January 2019, professional standards apply to financial advisers. The Corporations Act 2001 sets the timeline for Australian financial
services (AFS) licensees and financial advisers to comply with these standards.

For an overview of how these standards apply to AFS licensees and existing and new financial advisers, see How the reforms affect you.

For more detailed information about the professional standards, see:

AFS licensees

As part of the professional standards, AFS licensees must give ASIC additional information about financial advisers they have authorised (including provisional financial advisers and time-share advisers). It is a breach of their obligations not to do so and penalties may apply.

This allows consumers to check that a financial adviser is authorised to provide financial advice, and improves ASIC's ability to monitor financial advisers' compliance with the professional standards.

For a full list of the information which AFS licensees must give ASIC to be included on the Register, see Information on the Financial Advisers Register.

AFS licensees have been required to add this information to the Financial Advisers Register since 15 November 2019.

To add this information to the Register, see Maintain (update) or correct a financial adviser's details. To appoint a financial adviser to the Register, see Appoint (add) a financial adviser.

Financial advisers who are existing providers

To comply with the professional standards, existing providers must:

When

What to do

From 1 January 2019

Comply with CPD requirements

From 1 January 2020

Comply with the Code of Ethics

Before 1 January 2022

Pass the financial adviser exam; see FAQs: Timeframe for passing the financial adviser exam

Note: If you have attempted the exam twice before 1 January 2022, the Government announced an extension to 30 September 2022 for you to pass the exam.

By 1 January 2026

Have an approved bachelor degree (AQF7 level) or above or equivalent

For an overview of how these standards apply to existing financial advisers, see How the reforms affect you and FAQs: Timeframe for passing the financial adviser exam.

Note: The Treasury Laws Amendment (2019 Measures No. 3) Act 2020 delayed the financial adviser exam and qualification requirement dates for existing financial advisers to 1 January 2022 and 1 January 2026 respectively.

New financial adviser

To comply with the professional standards, new financial advisers must:

When

What to do

From 1 January 2019

  • Pass the financial advisers exam
  • Have an approved bachelor degree (AQF7 level) or above or equivalent
  • Complete a professional year
  • Comply with CPD requirements (not in their professional year)

From 1 January 2020

  • Comply with the Code of Ethics

For an overview of how these standards apply to new financial advisers, see How the reforms affect you.

Related links

Treasury Laws Amendment (2019 Measures No. 3) Act 2020

ASIC Corporations (Professional Standards—Transitional) Instrument 2018/894

Financial Adviser Standards and Ethics Authority (FASEA)

Regulatory Guide 175 Licensing: Financial product advisers – conduct and disclosure (RG 175)

Search our registers

Use our online services

Find a form

Contact us

Last updated: 22/09/2021 03:04