ASIC reminded those operating under an AFSL need to be on the Financial Advisers Register by 31 December this year to qualify as an ‘existing adviser’ under the incoming, mandatory education requirements.
“Under the reforms, only financial advisers who were authorised at any time between 1 January 2016 and 1 January 2019, and who are not prohibited from providing advice on 1 January 2019, will be recognised as an ‘existing provider’” ASIC explained in an update today.
“Financial advisers can demonstrate they are an ‘existing provider’ by having a status of ‘current’ on the Financial Advisers Register at any time in this period. Without recognition as an ‘existing provider’, financial advisers will be treated as ‘new entrants’ to the industry,” ASIC said.
“From 1 January 2019, new entrants will have to meet new education and training requirements to be able to provide advice to clients. They will have to complete an approved qualification and pass an exam before they can be authorised to provide advice, and they will also have to complete a year of supervised work and training,” ASIC said.
You can read more about the transitional arrangements and concessions here.
For the latest on the incoming education standards, and how they apply with accountants, click here.