RG 269 Approval and oversight of compliance schemes for financial advisers

Issued 28 September 2018

Exemption for compliance scheme cover

In October 2019, the Government announced it will accelerate the establishment of a new disciplinary system and single disciplinary body for financial advisers, which will replace the role of compliance schemes.

As a result, compliance scheme applicants have withdrawn their applications to ASIC for approval of their compliance schemes. This means the compliance scheme regime will not be able to proceed at this time.

ASIC has provided certainty for AFS licensees that they will not be in breach of the law because their financial advisers were not able to register with an ASIC-approved compliance scheme by 1 January 2020, as originally required.

ASIC has granted a three-year exemption to AFS licensees from the obligation under the Corporations Act 2001 to ensure that their financial advisers are covered by an approved compliance scheme, and from the associated notification obligations, for this period.

For more information, see ASIC's media release ASIC relief from financial adviser compliance scheme obligations takes effect (19-309MR).

This guide sets out the approach we had planned to take for the approval and oversight of a monitoring body's compliance scheme and how we would expect a scheme to operate.

Related documents

Last updated: 28/09/2018 12:00