The Financial Adviser’s Register (FAR) goes live on 31 March 2015. The FAR covers all individuals who provide personal advice to retail clients about certain financial products. If you are an AFS licensee you need to sign up to ASIC Connect now to check the details of existing authorised representative appointments and notify ASIC of any other financial advisers appointed by you by 30 March 2015.
You can read our previous article about the FAR here.
Information from the existing Authorised Representatives Register will be used by ASIC to pre-populate listings on the FAR for licensees to check. There is currently no fee payable to change the details of an Authorised Representative on the FAR. Details about any other natural person advisers, such as employee representatives and director representatives, will need to be provided for the FAR. Advisers who are natural person licensees will also need to sign up to ASIC Connect and link their licence to their ASIC Connect account.
Licensees will need to add details of adviser’s qualifications, training and membership of professional bodies in May.
More information is available at – www.asic.gov.au/far.
Licensees should subscribe to the update service available on ASIC’s website.