Licensees Reminded About Ongoing Obligations


While most financial advisers are currently registered with ASIC, the regulator has reminded AFS licensees and relevant providers of the importance of complying with the registration obligation on an ongoing basis.

ASIC says in a March 22 statement that following the commencement of the registration requirement on 16 February 2024 “…most financial advisers (known as relevant providers) have been registered with ASIC and can legally provide personal advice to retail clients in relation to relevant financial products” (see: ASIC Issues Final Reminder to Unregistered Advisers.)

But, it says, AFS licensees and relevant providers need to be aware of their ongoing registration obligations “…ensuring that they understand when an individual needs to be registered and the circumstances which may lead to a relevant provider being unregistered.”

The commission says AFS licensees must register their relevant providers:

  • After they authorise and appoint an adviser to the Financial Advisers Register
  • When they appoint an adviser who has moved from another AFS licensee
  • When an adviser changes roles from a ‘provisional relevant provider’ to a ‘relevant provider’
  • When an adviser is dually-authorised, and the adviser’s authorisation with their registering AFS licensee ceases

It says that its FAQs: Registration for relevant providers sets out information about the registration requirement, including when a registration will cease.

ASIC reiterates that from 16 February 2024 “…unregistered relevant providers who provide personal advice to retail clients in relation to relevant financial products, together with their AFS licensee(s), will be in breach of the law and face potential regulatory action.”