More than 3,000 advisers have yet to confirm they meet the qualifications standard to continue offering personal advice to retail clients in the New Year.
This week ASIC urged all advisers to check the accuracy of their listing on the Financial Advisers Register (FAR) to ensure it is up to date.
“Based on current information, at least 3,459 relevant providers may be unable to provide advice after 31 December 2025,” said ASIC.
It states that a review of the FAR on 16 September showed that of 15,432 advisers:
- 7,081 hold an approved degree or qualification
- 3,966 are relying on the experienced provider pathway
- 926 are recorded as holding both an approved degree or qualification and relying on the experienced provider pathway
- 3,459 have yet to meet the qualifications standard
ASIC states that 1,371 advisers may be eligible for the experienced provider pathway, “…but their AFS licensees are yet to notify ASIC of this”.
Unless these advisers are exempt, 1,143 will need to complete the specified courses in commercial law and taxation law to continue to provide tax (financial) advice services from 1 January 2026, states the regulator.
“Relevant providers cannot update that Financial Advisers Register themselves and should speak to their AFS licensees urgently to ensure this happens,” states ASIC.
