ASIC ceases a further 26 authorisations after review

ASIC has completed the review on the Financial Advisers Register (FAR) relating to compliance with the qualifications standard that took effect on 1 January 2026, as adviser numbers plummeted below 15,000 entering the new financial year.

The review, commenced in February, identified that of the relevant providers who are existing providers and remained on the FAR, 132 individuals did not have any qualifications or training courses marked from some 82 Australian financial services licensees.

Of those individuals, 106 records on the FAR have been updated to reflect they are, in fact, qualified, while 26 have had their authorisation ceased.

From the beginning of 2026, existing providers must satisfy at least one of the pathways introduced to continue operating, including the obtainment of a bachelor or higher degree, education and training standard qualifications, or has accessed the experienced provider pathway.

In December 2025, about 458 advisers ceased their authorisation before the deadline.

ASIC may undertake a further review looking at the details of the qualifications and training courses that AFSL have marked on the FAR.

It comes as Padua WealthData highlighted the adviser numbers have dipped below 15,000, as seven licensees have reduced to zero advisers.

"At the close of business on 30 June, adviser numbers had dropped to 14,899, down almost 200 on the prior week, as advisers resigned around year-end, a mix of genuine retirements and those using the date to switch licensees," Padua said.