When seeking financial advice, do you concern about how to find a financial advisor who is qualified to provide advice services? Or how to confirm whether your financial advisor is qualified to provide tax (financial) advice services?
According to earlier media releases by ASIC, from 1 February 2023, the ASIC Financial Advisers Register (FAR) published on Moneysmart will indicate whether a financial adviser is qualified to provide tax (financial) advice services to retail clients.
If you are a retail client and need a financial advisor to provide tax (financial) advice services, you can confirm their qualifications through the Financial Advisers Register (FAR) published by ASIC and available on Moneysmart.
If you are a financial advisor, these updates are worth noting:
From January 1, 2022, financial advisers must meet new requirements to offer tax (financial) advice services to retail clients. They must complete specified courses in commercial and taxation law, along with additional ongoing professional development. Those who meet these requirements are considered "qualified tax relevant providers" (QTRPs).
If a financial adviser was registered as an individual tax (financial) adviser with the Tax Practitioners Board at the relevant time, they are automatically a QTRP. ASIC will display the QTRP status of financial advisers on the Financial Advisers Register, unless advised otherwise by their AFS licensee.
AFS licensees must inform ASIC whether their financial advisers can provide tax (financial) advice services before February 1, 2023, and ensure that their details on the register are accurate. These requirements are separate from the requirement for financial advisers to be registered with ASIC by July 1, 2023.