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As of close of business today, Monday 30 March 2015, AFS Licensees will be expected to have notified ASIC about each and every one of their financial advisers and these will have to be entered into the Financial Advisers Register (FAR). Financial advisers include all employee representatives, authorised representatives, director representatives, natural person licensees, natural person limited AFSL holders and other persons who can be called a financial adviser. Credit representatives who are financial advisers will also have to be notified to ASIC and entered into the FAR.
If the financial adviser is an authorised representative and has an authorised representative number, ASIC should have pre-populate the entry in the FAR using the information that is already in the ASIC database.
However, if the adviser is not an authorised representative, the Licensee should be prepared to provide ASIC with basic details about their adviser, as these will not be in the ASIC database. Please note that information that ASIC requires for all financial advisers is very broad and includes the date and place of birth of the adviser as well as recent advising history for the previous five years. This information must also cover the financial products that the financial adviser is authorised to advise on.
You must notify ASIC of all your financial advisers by filling out and lodging an online form through ASIC Connect. You may enter up to a maximum of 25 representatives per form, the cost to lodge each form is $43.00. The cost for lodgement is $43.00 per form. Information on how to sign up and access ASIC Connect can be found here.