ASIC Issues Final Reminder to Unregistered Advisers


More than 750 financial advisers are still not registered with ASIC and the regulator has issued a final reminder that if they are not registered before 16 February 2024 they will need to stop providing personal advice to retail clients.

The commission is urging AFS licensees to register their financial advisers “…as a priority via ASIC Connect.”

A statement from ASIC says that from 16 February 2024, advisers who provide personal advice to retail clients, together with their AFS licensee, will be in breach of the law and face potential regulatory action, if they are not registered by then (see: ASIC Warning Accompanies Extension to Registration Date).

ASIC records show that as at 9.00am on 6 February 2024, 757 (4.9%) individual financial advisers were still not registered.

Between 1 February – 5 February 2024, the commission individually emailed advisers who were not registered reminding them of the requirement to be registered by their licensee.

ASIC is encouraging advisers to check their registration status on the Financial Advisers Register immediately to ensure that they are recorded as ‘registered’.

If they are not recorded as ‘registered’ “…they will need to cease providing personal advice from midnight 15 February 2024, until such time as they are registered and noted as such on the Financial Adviser Register.”

This includes all personal advice as well as ongoing advice services.

…the requirement for relevant providers to be registered is an ongoing obligation…

ASIC says the requirement for relevant providers to be registered is an ongoing obligation, commencing on 16 February 2024.

“Relevant providers and their AFS licensees should have robust processes in place to ensure that a relevant provider is registered prior to the provision of personal advice to retail clients in relation to relevant financial products.”

It also notes that AFS licensees should ensure they understand the circumstances in which a adviser’s registration will cease.

“ASIC will commence a program to ensure compliance with this new obligation shortly,” the regulator states.