The Australian Securities and Investments Commission (ASIC) has begun a targeted review to check whether financial advisers meet the qualifications standard. It will examine a sample of qualifications and training courses that Australian financial services (AFS) licensees have recorded on the Financial Advisers Register (FAR) as contributing toward compliance. The review follows an earlier examination of advisers whose records listed no qualifications or courses as contributing toward the standard. ASIC flagged the possibility of this further review in its September financial advice update. Since 1 January 2026, all relevant providers giving personal advice to retail clients on relevant financial products have been required to meet the standard. Those who missed their applicable deadline cannot remain authorised to provide that advice. Monitoring also continues of notifications concerning advisers relying on the experienced provider pathway. Licensees and advisers should check that FAR records accurately reflect how each adviser meets the standard. Knowingly providing ASIC with false or misleading information, or failing to take reasonable steps to ensure information is true and correct, is a serious offence.
ASIC begins targeted review of qualifications and courses on Financial Advisers Register
ASIC has begun a targeted review of qualifications and training courses recorded on the Financial Advisers Register to check compliance with the adviser qualifications standard. Earlier checks focused on advisers whose records listed no qualifications or courses as contributing toward compliance. Monitoring of notifications concerning the experienced provider pathway also continues.