The Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Bill 2025 has been introduced into the House of Representatives to repeal Stage 2 of the registration process for financial advisers (also known as relevant providers) established by the Better Advice Act, which would have required individual financial advisers to register themselves with ASIC annually from 1 July 2026.
Passage of the Bill will maintain the current system, which requires AFS licensees to apply to ASIC to register their authorised financial advisers.
Recent enforcement action by ASIC has focused on financial advisers who have provided inappropriate financial advice (also known as “cookie-cutter” advice) and who have breached conflicted remuneration rules by receiving conflicted bonus payments.
Registration requirement
It is an offence to give personal advice while unregistered.
ASIC has issued a reminder to financial advisers and Australian Financial Services (AFS) licensees to urgently review and update adviser details on the Financial Advisers Register before the 1 January 2026 compliance deadline. Under section 921B(2) of the Corporations Act 2001 (Cth), advisers must satisfy specific qualification requirements to continue providing personal advice to retail clients.
CPD Requirements
ASIC is acting against financial advisers for failing to meet continuing professional development (CPD) requirements.
Relevant providers must comply with the CPD requirements set by the Minister in the Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018 (CPD Determination).
Relevant providers must complete a minimum of 40 hours, during their licensee’s CPD year. The 40 hours must include minimum hours across the following mandatory categories:
Technical Competence (5 hours);
Client Care and Practice (5 hours);
Regulatory Compliance and Consumer Protection (5 hours);
Professionalism and Ethics (9 hours); and
Tax (financial) advice (5 hours where the financial adviser is authorised to provide tax (financial) advice services to retails clients).
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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.
