conducted a review in late February<\/a> which focused on financial advisers who lacked the suitable qualifications or training courses.<\/p>\nIt has now announced it will commence a further review of the Financial Advisers Register (FAR) to check whether relevant providers have met the qualifications standard. It reminded AFSLs to check their FAR records accurately show how each adviser meets the qualification standard.<\/p>\n
The targeted review will examine a sample of qualifications and training courses that Australian financial services licensees (AFSLs) have recorded on the register as contributing toward their relevant providers meeting the standard.<\/p>\n
Since 1 January 2026, all relevant providers who provide personal advice to retail clients on relevant financial products must meet the qualifications standard. Relevant providers who missed their applicable deadline cannot remain authorised to provide this advice.<\/p>\n
ASIC said it is also continuing to monitor notifications about relevant providers relying on the experienced provider pathway to meet the standard.<\/p>\n
The review in February found 132 individuals who did not have any qualifications or training courses marked. Following ASIC intervention with the 82 AFS licensees that authorised these relevant providers: 106 relevant provider records on the FAR were updated to reflect that they meet the qualifications standard, and 26 relevant providers had their authorisation to give personal advice to retail clients on relevant financial products ceased.<\/p>\n
To meet the qualifications standard, existing providers must satisfy one of the following pathways:<\/p>\n
A bachelor or higher degree, or equivalent qualification, approved by the Minister (see Part 2 and Schedule 1 of the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2021) (Determination)
\nQualifications that are equivalent to the education and training standard as set out in one of the existing provider pathways in Part 3 of the Determination, or
\nThe existing provider is eligible to access the experienced provider pathway and has made the required declaration to their AFS licensee and ASIC has been notified.<\/p>\n
AFSLs and relevant providers should:<\/p>\n
Check that the financial adviser exam, also referred to as the FASEA exam, has not been incorrectly marked as going toward meeting the qualifications standard
\nCheck all qualifications or training courses that go toward the relevant provider meeting the qualifications standard have been marked as such (i.e. marking only an ethics course is insufficient), and
\nEnsuring the relevant provider is eligible to rely on the experienced provider pathway before lodging an experienced provider notification with ASIC.<\/p>\n","protected":false},"excerpt":{"rendered":"Following an initial review in February, ASIC has announced a second targeted review of financial advisers\u2019 qualifications. The…\n","protected":false},"author":2,"featured_media":818226,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[27246,84,1398,4176,4174,4175,106410,56,54,55],"class_list":["post-818225","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-asic","tag-business","tag-education","tag-finance","tag-personal-finance","tag-personalfinance","tag-qualifications","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/818225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=818225"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/818225\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/818226"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=818225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=818225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=818225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}