The inclusion from today of advisers’ training, qualifications and professional association memberships on the Financial Advisers Register delivers on the Government’s commitment to implement an industry-wide, public register of financial advisers.
This is a strong step in the right direction for the financial services industry, and demonstrates the Government’s ongoing commitment to raise the professional standards of financial advisers.
Consumers, employers and ASIC can use the Register to verify the status and credentials of financial planners, stockbrokers, insurance brokers and accountants who provide personal advice on products such as securities, superannuation, managed investment schemes and life insurance.
Over 22,500 advisers are on the Register, which is maintained by ASIC at the MoneySmart website. It contains details of persons employed or authorised – directly or indirectly - by Australian financial services (AFS) licensees to provide personal financial advice to retail clients on investments, superannuation and life insurance.
The Register provides information on:
- each adviser's name, unique individual registration number and status;
- the year each adviser began advising, and each adviser’s five year advising history;
- each adviser's current financial services licensee and authorised representative (if applicable), and a direct link to the business names associated with these entities;
- what product areas the adviser can provide advice on;
- any bans or disqualifications that current advisers have been subject to in the past, or enforceable undertakings;
- each person that controls the financial services licensee (if applicable);
- each adviser’s training and qualifications and their professional association memberships.
Since it launched in March 2015, there have been more than 60,000 visits and more than 100,000 searches undertaken on the register.
To assist financial services licensees to comply with their obligations, the Government will also align the information lodgement periods for the existing authorised representatives register and the Register, so that both are 30 business days.
The Register will help to advance transparency and accountability in the financial advice sector. I look forward to continuing the Government’s work on raising professional, ethical and education standards, and will consider how the structure and operation of the Register can be adapted to support future reforms.