The Australian Securities & Investments Commission announced the outcome of a review of Financial Advisers Register records tied to the qualifications standard that took effect on 1 January 2026. The review, which began in late February 2026, focused on financial advisers whose records did not show any qualifications or training courses counting toward the standard. Among existing providers who remained on the register, ASIC identified 132 individuals with no such qualifications or courses marked, including some cases where only the former Financial Adviser Standards and Ethics Authority exam had been marked. After ASIC intervened with the 82 Australian financial services licensees that had authorised those advisers, 106 records were updated to show compliance and 26 advisers had their authorisation to give personal advice to retail clients on relevant financial products ceased. ASIC said existing providers can meet the qualifications standard through a minister-approved bachelor or higher degree or equivalent qualification, through one of the existing provider pathways in the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2021, or through the experienced provider pathway where the required declaration has been made to the licensee and ASIC has been notified. It told Australian financial services licensees and relevant providers to review Financial Advisers Register entries, ensure the former FASEA exam has not been incorrectly treated as counting toward the qualifications standard, confirm that all relevant qualifications and training courses are marked, and check eligibility before lodging an experienced provider notification. ASIC has also published a temporary dataset showing the qualifications and training courses currently marked on the register, and reiterated that knowingly providing false or misleading information to ASIC, or failing to take reasonable steps to ensure its accuracy, is a serious offence. ASIC said it may conduct a further review of the qualifications and training course details that licensees have recorded on the register as counting toward the qualifications standard.
Australian Securities & Investments Commission2026-07-02
Australian Securities & Investments Commission review of adviser qualifications records leads to 26 authorisation cessations and 106 register updates
The Australian Securities & Investments Commission said a review of Financial Advisers Register records on the qualifications standard found 132 existing providers with no relevant qualifications or training marked. After intervention with 82 Australian financial services licensees, 106 records were corrected and 26 advisers lost authorisation to give personal advice to retail clients on relevant financial products. ASIC may carry out a further review and has told licensees to verify register entries, including not treating the former FASEA exam alone as meeting the standard.