Hundreds of financial advisers are listed more than once on ASIC’s Financial Adviser Register (FAR), with inconsistent or incomplete data across entries according to analysis carried out by Padua WealthData’s Colin Williams.
Williams, the firm’s Data Manager, says he has identified that of the country’s advisers, 385 are authorised more than once, with one appearing on the register four times.
He says many of these advisers are authorised at different licensees owned by the same firm, while others appear under separate corporate authorised representatives of the same licensee.
Discrepancies include:
- 16 advisers stated both ‘Yes’ and ‘No’ to using the EP
Colin Williams. - 66 indicated ‘Yes’ to using the EP under one or more authorisations, while leaving other entries blank
- 101 stated ‘No’ under one or more authorisations, while other entries remain blank
Additional issues highlighted by Williams relate to eligibility criteria for the Experienced Pathway:
- Start date as an Adviser: To qualify for the EP, advisers must have first commenced before 31 December 2011. However, 226 have flagged ‘Yes’ to using the EP, even though their FAR records indicate they commenced after that date
- Date of passing the financial adviser exam: To rely on the EP, advisers must have failed the exam twice and passed no later than October 2022. The data shows 65 advisers flagged as intending to use the EP despite having passed the exam after that deadline
ASIC states that (as of 16 September), 4,892 advisers will be relying on the experienced pathway post 1 January 2026. A total of 3,459 advisers have not met their qualifications standard, of which some 1,371 may be eligible for the EP.
As of Thursday 2 October, 13 new advisers joined, while 15 experienced ones left, resulting in a net loss of two. Two new licensees started, and two stopped. The current total is 15,440.
See: Thousands of Advisers Urged to Check Their FAR Listing
