Adviser Qualifications Added to Register

0

The professional association membership details and industry qualifications of financial advisers have been added to the Australian Securities and Investments Commission’s (ASIC) Financial Adviser Register.

ASIC Deputy Chair, Peter Kell
ASIC Deputy Chair, Peter Kell

The Register has been available to the public since March 2015, and now includes information about advisers’ qualifications, training and memberships of professional bodies.

According to ASIC, there are more than 23,000 advisers on the register, which has been searched over 100,000 times since its launch. The Register can be accessed via ASIC’s MoneySmart website, and the adviser data is also now available to download from the Australian Government website www.data.gov.au.

Launching the updated register, ASIC Deputy Chairman, Peter Kell, said: “From today consumers will be able to see the qualifications and professional memberships in addition to the basic information about advisers already available on the register. We want consumers to be able to make an informed decision in their choice of adviser and the register is a good starting point.”

Licensees have until the end of September 2015 to ensure their advisers’ details are up to date, or they will face late fee penalties.

The Financial Services Council (FSC) welcomed the update, saying it would provide consumers with increased transparency so they could make informed choices.

“Australians now have access to information such as advisers’ training, qualifications and professional association memberships, product areas they can advise on, the ultimate owner of the licensee and the parent company and any bans or disqualifications,” FSC CEO, Sally Loane, said.

“The centralised repository of information on advisers is a sensible and practical tool to allow consumers to check the credentials of 22,500 advice providers.

“It provides an additional security check for consumers,” Ms Loane said.

“Greater transparency and disclosure will help to build trust and confidence in the financial advice industry.”