The Australian Securities & Investments Commission (ASIC) has urged financial advisers (relevant providers) and Australian financial services (AFS) licensees to urgently review and correct information recorded on the Financial Advisers Register, warning that inaccurate or outdated records could prevent advisers from continuing to provide personal advice to retail clients from 1 January 2026. Based on current register information, ASIC is concerned at least 3,459 relevant providers may be unable to provide advice after 31 December 2025. As at 16 September 2025, the Register listed 15,432 relevant providers, with 7,081 recorded as holding an approved degree or qualification, 3,966 relying on the experienced provider pathway, and 926 recorded as meeting both. The remaining 3,459 are not recorded as meeting the qualifications standard, including 1,371 who may be eligible for the experienced provider pathway but whose AFS licensees have not yet notified ASIC. Separately, 1,143 existing providers (unless exempt) still need to complete specified commercial law and taxation law courses by 31 December 2025 to continue providing tax (financial) advice services from 1 January 2026, after which AFS licensees must update the Register. ASIC reminded firms that relevant providers cannot update the Register themselves, AFS licensees must lodge updates via ASIC Connect, and changes must be notified within 30 business days to avoid late fees; knowingly providing false or misleading information, or failing to update within the timeframe, is an offence. ASIC has updated its one-off point-in-time dataset to help identify incorrect or outdated entries and will continue monitoring Register information ahead of January 2026, with further regulatory responses possible if required.
Australian Securities & Investments Commission 2025-09-30
Australian Securities & Investments Commission urges immediate updates to Financial Advisers Register ahead of 1 January 2026 adviser qualifications deadline
The Australian Securities & Investments Commission (ASIC) urges financial advisers and AFS licensees to correct the Financial Advisers Register, warning inaccuracies could prevent advisers from providing advice from 1 January 2026. At least 3,459 providers may be affected due to unmet qualification standards. AFS licensees must update the Register via ASIC Connect within 30 business days to avoid penalties, with ASIC continuing to monitor for further regulatory actions.