ASIC is asking financial advisers to check and correct information on the Financial Advisers Register, stating inaccuracies could impact compliance in the lead-up to regulatory changes taking effect from 1 January 2026.
A spot check has uncovered several categories of incorrect data. These included advisers marked as relying on the experienced provider pathway despite ineligibility, qualifications flagged as completed when they were not, and errors in authorisation history – such as roles listed that were not advising positions.
ASIC states that providing false or misleading information, or failing to update the register are offences under the Corporations Act.
As of 28 May 2025, there were 15,610 providers listed on the register. Of these:
- 6,426 reported holding an approved qualification
- 4,580 were relying on the experienced provider pathway
- 4,604 remain unaccounted for in terms of meeting the standard
The regulator is urging AFS licensees to audit register entries for each adviser. This includes:
- Checking qualifications
- Authorisation history
- Contact information
- Tax (financial) advice capabilities
It also states licensees must ensure only completed and approved courses are marked as contributing toward qualification compliance. To support this process, ASIC has published a temporary dataset to help with verification efforts.
ASIC will continue monitoring information on the Financial Advisers Register.
After 1 January 2026, ASIC will undertake a compliance program, relying on the register to determine if relevant providers remain authorised to provide personal advice to retail clients.
See our report: Renewed Call for Advisers to Consider General Advice Pathway
