Start From Next February! New Registration Requirements for ASIC 'Relevant Providers' Release

According to an update from the Australian Securities and Investments Commission (ASIC), new registration requirements for Australian financial advisers and Australian financial services (ASL) licensees must be complied with, following the Royal Assent of the Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 on 27 November.

From 1 February 2024, financial advisers (including timeshare advisers) who provide personal advice to retail customers on relevant financial products, known as Relevant Providers, will be required to register with ASIC.

AFS licensees can apply to register their Relevant Providers through ASIC Connect. The relevant registration requirements and guidance can be viewed through ASIC Information Sheets 276 and 277. ASIC will also host webinars in early December to provide registrants with more information on the requirements.

The Australian regulator recommends early registration to ensure that the Relevant Providers are registered by 1 February next year. Unregistered providers offering relevant services will be in breach of the law.

On 22 November, ASIC updated its Investor Alert List to warn of 25 unregistered entities and imposters.