The additional information about financial advisers’ qualifications, training and memberships of professional bodies now available on the Financial Services Register will assist consumers to make a more informed decision about their choice of adviser.
ASIC has launched the second stage of the Financial Advisers Register (Register) which now includes information about advisers’ qualifications, training and memberships of professional bodies, in addition to the basic information about advisers already available on the Register.
ASIC has also made data from the Register available on the Australian Government website http://www.data.gov.au/ which can be downloaded free of charge. The data snapshot will enable easy and quick analysis of aspects of the financial advice industry.
Importantly, ASIC has power under the Corporations Act 2001 (Cth) to take action for providing a false or misleading statement to ASIC via the Register.
The transition phase for the Register will end at the end of September and late fee penalties will apply from 1 October 2015.
See media release dated 1 June 2015.