The Australian Securities and Investments Commission (ASIC) has expressed concern that as many as 3,459 financial advisers may be unable to practice next year because they are yet to confirm the accuracy of their data on the Financial Adviser Register.
The regulator said that relevant providers generally have until 1 January, next year, to meet the qualifications standards under the Corporations Act to continue providing personal advice to retail clients.
“..unless exempt, existing providers have until 31 December 2025 to complete specified courses in commercial law and taxation law to be able to provide tax (financial) advice services to retail clients for relevant financial products from 1 January 2026. Once these courses are completed, AFS licensees must update the Financial Advisers Register,” ASIC said.
It said a review of the information on the Financial Advisers Register shows:
As of 16 September 2025, of the 15,432 relevant providers on the Financial Advisers Register, AFS licensees have notified ASIC that 7,081 relevant providers hold an approved degree or qualification, 3,966 are relying on the experienced provider pathway and 926 are recorded as holding both an approved degree or qualification and relying on the experienced provider pathway.
The remaining 3,459 relevant providers have yet to meet the qualifications standard according to the information currently recorded on the Financial Advisers Register and of this cohort, 1,371 may be eligible for the experienced provider pathway, but their AFS licensees are yet to notify ASIC of this.
1,143 existing providers, unless exempt, will need to complete the specified courses in commercial law and taxation law to continue to provide tax (financial) advice services from 1 January 2026.