ASIC renews warning for AFS licensees ahead of deadline for financial advisers
- Joanna Lu
- Jun 27
- 3 min read
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The Australian Securities and Investments Commission (ASIC) has issued a renewed warning to Australian Financial Services (AFS) licensees: all information recorded on the Financial Adviser Register must be reviewed and verified without delay, as the sector approaches a critical compliance deadline.
Under the Corporations Act and the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act, all advisers who provide personal financial advice to retail clients must meet the prescribed qualification requirements and be registered on the Financial Adviser Register by 1 January 2026, or they will no longer be permitted to provide advice.
Register Review Findings: Significant Inaccuracies Identified
In its second round of sampling of the Financial Adviser Register, ASIC focused on reviewing the qualifications of registered financial advisers. As of 28 May 2025, there were 15,610 advisers listed, among whom:
6,426 have reported holding an approved qualification or degree
4,580 are relying on the experienced provider pathway
4,604 have not yet met the qualification requirements
Among them, 1,844 may meet the experienced provider criteria but have not been reported by their AFS licensee.
However, ASIC has found widespread inaccuracies and omissions in the data submitted, including:
Advisers incorrectly marked as having completed specific courses, when they had not
Advisers claiming to rely on the experienced provider pathway without meeting the eligibility criteria
Inaccurate or incomplete authorisation histories and employment records that fail to reflect actual experience
ASIC has stressed that providing false or misleading information to the regulator is a serious breach, and failing to update the Register within 30 business days may also result in penalties. The regulator will continue to monitor the Register closely and take further regulatory action where necessary.
With the Deadline Approaching, AFS Licensees Must Act Now
From 1 January 2026, ASIC will commence a comprehensive compliance review to ensure that financial advisers continue to be appropriately qualified and authorised. AFS licensees must ensure that all advisers intending to provide personal advice beyond this date have either:
Completed, or are in the process of completing, an approved qualification
Met the experienced provider criteria, including the requirement of 3,650 days of qualifying experience
Or are appropriately operating under a transitional arrangement as an existing provider
In addition, the Register must accurately reflect how each adviser meets the qualification standard, and only approved qualifications or courses should be listed.
AFS licensees are also urged to pay close attention to the following review areas:
Verify the completeness and accuracy of each adviser’s authorisation history
Confirm whether advisers relying on equivalent qualifications or transitional arrangements meet the definition of an “existing provider”
Ensure that advisers providing tax (financial) advice have completed the required commercial law and taxation law units, or do so before 1 January 2026
ASIC Provides Support Tools to Assist with Compliance Updates
To support licensees in meeting their obligations, ASIC has published a one-off temporary data set on its website, detailing each adviser’s authority to provide tax (financial) advice and their qualification status. Licensees must use the ASIC Connect portal to submit a "maintain" transaction to correct or update any inaccurate or outdated information.
Compliance Is Not Just Regulation—It’s About Trust
As the 2026 deadline approaches, ASIC’s message is clear: only advisers who meet the required standards and have accurate registration details will be permitted to provide financial advice.
It is the responsibility of every AFS licensee to conduct a thorough review and update of the Register to ensure its accuracy—safeguarding both consumer trust and the integrity of the industry.
Source: ASIC renews warning for AFS licensees ahead of deadline for financial advisers, ASIC website, ASIC renews warning for AFS licensees ahead of deadline for financial advisers | ASIC.
