The Australian Securities and Investments Commission (ASIC) has issued a reminder to financial advisers and their licensees to verify and update adviser qualifications on the Financial Advisers Register ahead of significant regulatory changes taking effect from Jan. 1, 2026.
The regulator’s latest review indicates that thousands of advisers may not meet the upcoming requirements, potentially impacting their ability to provide personal advice to retail clients.
ASIC’s analysis of register data as of Sept. 16 shows that 3,459 relevant providers have not yet satisfied the qualifications standard required to continue offering advice after the end of this year.
The regulator is urging advisers who wish to remain active in the sector to confirm their status and take any necessary steps to comply with the new rules.
Under the Corporations Act 2001, financial advisers classified as relevant providers must meet specific educational standards to continue providing personal advice on financial products.
These standards include holding an approved degree or qualification, or relying on the experienced provider pathway, which is available to certain existing advisers.
In addition, advisers who provide tax (financial) advice services must complete approved courses in commercial law and taxation law by Dec. 31, 2025, unless exempt.
Advisers are unable to update their own records on the Financial Advisers Register and must work with their AFS licensees to ensure information is accurate.
ASIC has released an updated dataset to assist licensees in checking the status of their advisers, including exam completion dates and qualification details.
AFS licensees are responsible for ensuring the accuracy of the register for all advisers they authorise. Any changes to an adviser’s qualifications or status must be reported to ASIC within 30 business days. Failure to do so may result in late fees or further regulatory action.
ASIC has identified common issues such as advisers being incorrectly listed as eligible for the experienced provider pathway, incomplete or unapproved courses being reported as completed, and missing records for qualifications that meet the standard.
AFS licensees can update adviser details by submitting a Maintain (Update) transaction through ASIC Connect.
The regulator has reminded licensees that providing false or misleading information, or neglecting to update the register in a timely manner, constitutes an offence under the law.
ASIC will continue to monitor compliance with the new standards as the 2026 deadline approaches. The regulator has indicated that further regulatory measures may be considered if necessary.
Since January 2019, professional standards for advisers have included requirements for approved degrees and qualifications, as determined by the Minister for Financial Services and outlined in the relevant legislative instruments.
ASIC has provided additional guidance for licensees and advisers, including resources on maintaining register details, understanding qualification requirements, and navigating the experienced provider pathway.
