The Corporations Amendment (Register of Relevant Providers)
Regulation 2015 states that an AFS licensee must lodge a
notice with ASIC for every person who provides personal financial
product advice to retail clients on its behalf (whether that person
is an employee, officer or an authorised representative) that
contains the following information:
date and place of birth;
authorising licensee's name and AFSL number;
details of the authorised representative who authorised the
adviser (if applicable);
the year in which the adviser first provided personal financial
product advice to retail clients;
details of the financial products in which the adviser is
authorised to give personal financial product advice, or class of
product advice, to retail clients;
the recent advising history of the adviser for the 5 years
prior to the notice being lodged (i.e. the details of any licensee
that authorised the adviser during the prior 5 years); and
information about relevant qualifications, training courses and
memberships of professional bodies.
A natural person who holds an AFS licence will also have their
details included on the register. However, an adviser that provides
personal advice to retail clients that relates only to basic
banking products, general insurance products or consumer credit
insurance (or a combination of those products) will not be captured
on the register. The register will also contain a range of
information about bannings, disqualifications, suspensions and
enforceable undertakings under the corporations, credit and
superannuation laws. ASIC will populate these areas of the register
directly from its records of such events.
This is a lot of information to gather, especially if you have a
proportion of new advisers who will have to provide their recent
advising history. ASIC has advised that licensees will not have to
gather information about the qualifications, training courses and
professional memberships until late May 2015. ASIC is allowing all
affected licensees to choose a 'start date' for the
notification regime between 1 January and 30 March 2015. Your start
date is the date at which you will evaluate all financial advisers
authorised under your AFSL and start to gather the information that
you will have to lodge with ASIC.
These notices will need to be lodged between 9 - 30 March for
all current advisers authorised under your AFSL at your selected
start date. For any advisers that commenced between the start date
and 30 March 2015, the notices must be lodged by 30 April 2015. For
any advisers that commenced after 30 March 2015, you have 30
business days to lodge the notice via ASIC's portal.
So, if you hired a large number of financial advisers in
February of this year, you may wish to make your start date 31
January so that you have additional time to gather the information
and submit notices for the new advisers. The lodgement fee will be
$43 per adviser.
The new Register will not replace the obligation to notify ASIC
of the appointment of an authorised representative. However, the
process of appointing authorised representatives will change and
include new online forms.
Affected licensees should have received a letter from ASIC a
couple of weeks ago detailing the implementation timeline. This
gives you a lot of detail about exactly when you will have to lodge
notices in a range of situations, so we suggest you keep this
letter for future reference.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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