1. Why are relevant providers required to be registered?

See the preamble to Information Sheet 276 FAQs: Registration for relevant providers (INFO 276).

2. What is the difference between appointing and registering? Going forward, will the appointment process include the registration process, or will it be two separate transactions? 

The appointment transaction is the mechanism by which an AFS licensee notifies ASIC that it has authorised a relevant provider to provide personal advice to retail clients on its behalf.

The registration transaction relates to a separate legal requirement where all relevant providers, except provisional relevant providers, must be registered with ASIC. See Question 1 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276).

These transactions are and will remain separate transactions on ASIC Connect.

3. If a relevant provider was appointed for the first time after 1 January 2022, would their initial appointment have included registration?

No. The requirement for relevant providers to be registered is a new obligation introduced by the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 (Better Advice Act). The requirement commences from 1 February 2024. AFS licensees can apply to register their relevant providers with ASIC now using ASIC Connect. See Question 2 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276) for more information.

4. Can the 1 February 2024 registration requirement date be extended to allow AFS licensees more time to register their relevant providers?

The date by which all relevant providers must be registered is 1 February 2024.

5. If a relevant provider is showing on the Financial Advisers Register as registered, does the AFS licensee need to take any further action?

Generally, no. However, if a relevant provider’s registration has ceased because, for example, they have recently changed AFS licensees, the Financial Advisers Register may not be up to date as to the relevant provider’s registration status. See Questions 18 and 21 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276) for further information.

6. If the AFS licensee received a notice of registration from ASIC for a relevant provider in April 2022, does this mean that the relevant provider is already registered?

Yes. However, if the relevant provider has changed AFS licensees or was the subject of a banning or prohibition order since this time, the relevant provider will need to be registered again. See Questions 18, 20 and 21 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276) for more information.

7. If an AFS licensee has previously maintained (updated) the details for a ‘qualified tax relevant provider’ on the Financial Advisers Register, does the AFS licensee still need to go through the registration process?

Yes, the AFS licensee is required to separately register the relevant provider by lodging a ‘registration’ transaction on ASIC Connect. See Question 2 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276) for more information.

8. Do corporate authorised representatives need to be registered?

No. See Questions 3 and 4 and the definitions section of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276) for more information.

9. We have a number of advisers on MoneySmart where the registration status shows blank or a dash. What does this mean?

This is a temporary notation which means that the relevant provider is not yet registered. From 1 February 2024, if the relevant provider or time-share adviser remains unregistered, this blank or dash notation will be replaced by ‘not registered’ because this is the date that the registration requirement commences. For provisional advisers, the blank or dash notation will be replaced by ‘not applicable’ because provisional relevant providers cannot be registered.

10. How do I know if I have successfully registered my relevant providers with ASIC?

See Question 16 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276) for more information.

11. Must the registration application be made and accepted by ASIC by 1 February 2024?

Yes. From 1 February 2024, a relevant provider cannot provide personal advice to retail clients without being registered. Provisional relevant providers cannot be registered.

12. What happens if the AFS licensee registers the relevant provider after 1 February 2024?

From 1 February 2024, relevant providers, except provisional relevant providers, cannot provide personal advice to retail clients on relevant financial products unless they are registered. See Question 7 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276) for more information.

13. Can the relevant provider provide personal advice after the AFS licensee lodges an application to register the relevant provider but before it receives the notice of registration from ASIC?

No. See Question 7 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276).

14. What is the expected timeframe for a registration transaction to be completed once it is lodged on ASIC Connect, especially during the high-volume period in January?

A registration application will generally be approved within one business day. However, this process can take longer. See Question 6 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276) for more information.

15. How do I know if I was deemed registered?

See Question 9 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276) and Flowchart: Was I deemed registered with ASIC? for more information.

16. If I was deemed registered, does my AFS licensee still need to register me?

See Questions 9 and 18 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276) for more information.

17. If the relevant provider was deemed registered but changed AFS licensees after 1 January 2022, are they still deemed registered?

Generally, no. See Questions 9 and 21 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276) for more information.

18. Should a relevant provider who was registered as a tax agent with the Tax Practitioners Board immediately before 1 January 2022 have been deemed registered? If not, is the AFS licensee required to separately register them with ASIC?

A relevant provider who was registered as a tax agent with the Tax Practitioners Board, or who is currently registered as a tax agent with the Tax Practitioners Board, was not deemed to be registered with ASIC under the transitional provisions in the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 (Better Advice Act). AFS licensees are required to register these relevant providers with ASIC.

19. If a relevant provider was deemed registered with ASIC, will the relevant provider lose their registration if they go on a career break and the AFS licensee ceases their authorisations?

Yes. See Question 18 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276).

20. Is there any avenue for bulk registration?

Yes, up to 25 relevant providers can be registered in a single transaction. See Question 10 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276).

21. Will the new registration status be included on the ASIC datasets that can be downloaded from data.gov.au?

Yes, ASIC expects that this information will be available in the first quarter of 2024.

As an interim measure while the dataset on data.gov.au is being updated, ASIC has temporarily made available a one-off, point-in-time dataset of financial adviser registration data. ASIC will publish updated datasets if required.

22. How can the AFS licensee confirm which relevant providers are/are not registered? Is it possible to complete this process in bulk?

The AFS licensee can confirm which relevant providers are registered by confirming the relevant provider’s registration status on the Financial Advisers Register.

As an interim measure while the dataset on data.gov.au is being updated, ASIC has temporarily made available a one-off, point-in-time dataset of financial adviser registration data. AFS licensees will be able to filter this data to determine which advisers are /are not registered. ASIC will publish updated datasets if required.

23. Will ASIC be writing to relevant providers who aren’t registered?

No, relevant providers can confirm their registration status by reviewing their profile on the Financial Advisers Register.

24. Will the Financial Advisers Register show which AFS licensee applied to register the relevant provider?

No. However, this information will be available on the Financial Advisers Dataset on data.gov.au during the first quarter of 2024.

As an interim measure while the dataset on data.gov.au is being updated, ASIC has temporarily made available a one-off, point-in-time dataset of financial adviser registration data. ASIC will publish updated datasets if required.

25. What happens if a relevant provider gets registered now but moves to another AFS licensee in April 2024? Does the new AFS licensee have to register the relevant provider again?

Yes. See Questions 18, 21 and 22 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276).

26. If an AFS licensee revokes a relevant provider’s authorisation to provide personal advice on its behalf, does the AFS licensee need to de-register the relevant provider as well?

No, the AFS licensee does not have to lodge a separate transaction to ‘de-register’ the relevant provider. See Question 18 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276) for more information.

27. Is the registration application a point-in-time application or does the information contained in the registration application need to be updated?

The registration application requires point-in-time declarations to be made. If the relevant provider remains authorised by the same AFS licensee, the AFS licensee is not required to make another registration application.

28. I don’t know which declaration to choose – can I email the registration inquiries email inbox for help?

No, ASIC staff are unable to give advice to AFS licensees about which declarations to make. AFS licensees are required to consider the personal circumstances of each relevant provider they are applying to register and determine the relevant declarations. ASIC has provided guidance in Information Sheet 277 Registration of relevant providers: Guidance on making declarations (INFO 277) and encourages AFS licensees to obtain their own independent legal advice if they remain unsure.

29. What declarations are required for an adviser who holds an AFS licence in their own name?

See Questions 3, 4, 5, 6, 7 and 8 of Information Sheet 277 Registration of relevant providers: Guidance on making declarations (INFO 277) for more information.

30. Is there any guidance on the experienced provider pathway and what declarations the AFS licensee is required to make in relation to an experienced provider?

See Questions 5 and 7 of Information Sheet 277 Registration of relevant providers: Guidance on making declarations (INFO 277) for more information.

31. The AFS licensee may not be aware that the relevant provider plans to rely on the experienced provider pathway. How does this affect the declarations that are required by the AFS licensee?

The declarations made by the AFS licensee must be true and accurate at the time of the declaration. If you have not received a declaration from the relevant provider under section 1684AA of the Corporations Act 2001, you should complete the declarations on the basis that the relevant provider is not an experienced provider.

32. How can a relevant provider confirm that they satisfy the requirements of being an experienced provider?

See section 1684AA of the Corporations Act 2001 and Questions 5 and 7 of Information Sheet 277 Registration of relevant providers: Guidance on making declarations (INFO 277) for further information. ASIC will provide further guidance on the experienced provider pathway in due course.

33. Is there any guidance about what the fit and proper declaration should include?

Yes. See Question 4 of Information Sheet 277 Registration of relevant providers: Guidance on making declarations (INFO 277) for more information.

34. Does each relevant provider have to make an actual declaration that they are a fit and proper person to provide personal advice to their AFS licensee?

Yes, each provider must provide a fit and proper declaration to their AFS licensee. For more information, see Question 13 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276) and Question 1 of Information Sheet 277 Registration of relevant providers: Guidance on making declarations (INFO 277).

35. Does the fit and proper declaration from the relevant provider need to be written or can it be verbal? Is there a template declaration document for relevant providers to declare that they are fit and proper?

There is no prescribed form. The form of the declaration is a matter for the relevant provider and their registering AFS licensee to determine. See Question 1 of Information Sheet 277 Registration of relevant providers: Guidance on making declarations (INFO 277) for more information.

36. Should licensees still collect a fit and proper declaration for relevant providers who were deemed registered?

There is no requirement to collect a fit and proper declaration from a relevant provider who was deemed registered and remains authorised and registered under your AFS licence.

37. Are AFS licensees expected to obtain new police checks before providing a declaration as to whether the relevant provider is a fit and proper person?

This is a matter for AFS licensees to determine. See Questions 1, 2 and 4 of Information Sheet 277 Registration of relevant providers: Guidance on making declarations (INFO 277) for more information.

38. With the fit and proper person declaration, the AFS licensee sometimes receives information from a police check that discloses a speeding fine or a driving under the influence offence. Are AFS licensees required to disclose this information to ASIC? Similarly, what about a previous bankruptcy?

This is a matter for the AFS licensee to determine. See Questions 2 and 4 of Information Sheet 277 Registration of relevant providers: Guidance on making declarations (INFO 277) for more information.

39. With the fit and proper person declaration, if the AFS licensee is aware of a historical issue, what declaration should the AFS licensee make?

This is a matter for the AFS licensee to determine. See Questions 2 and 4 of Information Sheet 277 Registration of relevant providers: Guidance on making declarations (INFO 277) for more information.

40. If the AFS licensee makes a declaration that they are aware of a reason why the relevant provider might not be a fit and proper person to provide personal advice, will ASIC still register the relevant provider?

Yes. See Question 2 of Information Sheet 277 Registration of relevant providers: Guidance on making declarations (INFO 277).

41. Is the registration process a one-off process or does the relevant provider’s registration need to be renewed annually?

The relevant provider will only need to be registered again if their registration ceases. See Questions 18–22 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276) for more information.

42. If the AFS licensee makes a declaration that a particular education and training standard does not apply, but the education and training standard becomes applicable to the relevant provider at a later time, is the AFS licensee required to update its application?

No, the declarations made by the AFS licensee must be true and accurate at the time of making the declaration. The AFS licensee can update the relevant provider’s details (including their education and training details) by lodging a maintain (update) transaction on ASIC Connect.

43. What happens if a relevant provider has a non-relevant degree and is working towards meeting the degree standard? Will their application be rejected?

This will depend on the relevant provider’s individual circumstances. See Question 5 of Information Sheet 277 Registration of relevant providers: Guidance on making declarations (INFO 277) for more information.

44. Do ‘relevant degrees’ count as ‘approved degrees’ for the purpose of the approved qualification declaration?

This will depend on the relevant provider’s personal circumstances. Relevant providers and AFS licensees can obtain more information about this topic on ASIC’s Qualification, exam and professional development page and the Treasury website.

45. Is the information for tax (financial) advisers previously collected during the appoint/maintain process carried across to the registration form?

No, it doesn’t carry across.

46. When an AFS licensee declares that the relevant provider provides, or intends to provide, a tax (financial) advice service, does this require the relevant provider to have completed the specified courses in commercial and taxation law?

If the relevant provider provides, or intends to provide, a tax (financial) advice service to retail clients, they must be a ‘qualified tax relevant provider’. See Information Sheet 268 FAQs: Relevant providers who provide tax (financial) advice services (INFO 268) and Question 8 of Information Sheet 277 Registration of relevant providers: Guidance on making declarations (INFO 277) for more information.

47. I am having trouble logging into ASIC Connect – should I email the registration inquiries email address for assistance?

No, you can either call the ASIC call centre on 1300 300 630 or lodge an online query with ASIC. The registration inquiries inbox is for registration-related support only.

48. If we get an error message that the relevant provider is already registered, will we be able to see this on the Financial Adviser Register or anywhere else?

Yes, a relevant provider’s registration status is recorded on the Financial Advisers Register.

49. If the AFS licensee uses the edit function to edit the relevant provider’s address, email address and phone number, does this update the relevant provider’s details on the Financial Advisers Register as well? Will this change incur a separate fee?

If the AFS licensee updates these details as part of the registration transaction, this information is also updated on the Financial Advisers Register. There is no separate fee to update this information as part of the registration transaction.

50. For relevant providers who were deemed registered, ASIC has already updated their status on the Financial Advisers Register. How can the AFS licensee update the relevant provider’s contact details?

The AFS licensee can update the relevant provider’s details by lodging a maintain (update) transaction on ASIC Connect.

51. What does it mean if I get the following error message, ‘Error: The representative is already registered with this AFS licensee’?

This error message means that the relevant provider is already registered under the AFS licensee. This can occur for one of two reasons: (1) the relevant provider was deemed registered under the AFS licensee or (2) the AFS licence has already applied to register the relevant provider.

52. Is there a guide with screenshots to assist AFS licensees with lodging a registration application on ASIC Connect?

Yes, see our user guide on how to register financial advisers with ASIC. See also Question 10 of Information Sheet 276 FAQs: Registration for relevant providers (INFO 276).

53. Where will AFS licensee registration notifications be sent? Can the AFS licensee update this information on ASIC Connect?

The AFS licensee’s notice of registration will be sent to the contact person previously nominated by the AFS licensee on the AFSL Portal. The AFS licensee can update the contact details for its contact person by submitting an FS20 Change of details for an Australian financial services licence on the AFSL Portal.

54. Can a registration application be saved/paused and restarted at a later time/date?

Yes it can.

55. Is a notice of registration only issued once payment has been made? If payment is made via invoice, will the registration be pending until payment is made? 

A notice of registration will be issued once ASIC records on the Financial Advisers Register that the relevant provider is registered. Where the AFS licensee has selected payment via invoice, the registration transaction will continue to be processed and ASIC will issue the invoice separately.

56. Will the AFS licensee be able to download a copy of the registration transaction submitted on ASIC Connect?

Yes.