The Commonwealth Government has announced that it will delay the financial adviser registration requirement until 1 July 2023.
The registration requirement for financial advisers was introduced by the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 as part of the new disciplinary system for financial advisers, allowing the cancellation of registration for serious misconduct. Background.
The Act had required that all financial advisers who provide personal advice to retail clients be registered on the Financial Advisers Register by 1 January 2023.
The delay is linked to the delay in the transfer of the Financial Advisers Register from ASIC to the Australian Tax Office as part of the Australian Business Registry Service.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
