ASIC has released guidance to financial advisers and AFS licensees on how they can access the experienced provider pathway.
The regulator says to access the pathway, financial advisers need to make a written declaration and give a copy to their authorising AFS licensee.
“Existing providers who seek to rely on the pathway need to make a declaration and provide it to their licensee before 1 January, 2026 so they can continue to provide personal advice from that date,” (also see: Experienced Adviser Pathway Becomes Law).
It says financial advisers who are eligible to access the pathway have been able to make a declaration since 21 September 2023.
From 1 July 2024 “…AFS licensees will be required to notify ASIC using ASIC Connect where they have received a declaration from a financial adviser who is eligible to access the experienced provider pathway, including where they received a declaration from a financial adviser before this date.”
ASIC reiterates that the experienced provider pathway enables financial advisers to be deemed as having met the qualifications and professional year standards without needing to undertake further education and training if they have:
- At least 10 years’ (cumulative) experience as an authorised financial adviser between 1 January 2007 and 31 December 2021
- A clean disciplinary record as at 31 December 2021
“To be eligible to access the pathway, a financial adviser should also have passed the financial adviser exam by 1 January 2022 (or 1 October 2022 if they were eligible for the exam extension) if they were authorised to provide personal advice to retail clients on relevant financial products (personal advice) on that date.”
Click here for ASIC’s Information Sheet 281 FAQS: Relevant providers – Accessing the experienced provider pathway.
