ASIC reviews adviser register again

The regulator has commenced another review of the Financial Advisers Register (FAR) to check if relevant providers have met the qualifications standard.

Since 1 January 2026, all personnel providing personal advice to retail clients on relevant financial products must meet the qualifications standard. Those who missed their applicable deadline cannot be authorised to provide advice in this regard.

The move follows an earlier review in February when ASIC found that 132 individuals from 82 licensees did not have any qualifications or training courses marked on the FAR.

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.

In the current targeted review, ASIC will examine if licensees have recorded relevant qualifications and training courses attributable to their providers on the FAR.

ASIC is also continuing to monitor notifications about relevant providers relying on the experienced provider pathway to meet the standard.

Notably, according to Rainmaker Information's findings, Australian Qualifications Framework (AQF) 7 qualifications are the most common forms of qualification among financial advisers, held by 85% of the population.

Meanwhile, the Graduate Diploma (AQF 8) is the most common highest qualification, held by 35% of advisers.

Of all advisers on the register, 13% sat below AQF 7, and 2% had no mapped formal qualification. Within that group, licensees reported 1967 advisers on the experienced provider pathway and a further 246 advisers with the pathway plus a marked qualification.

In September, the sector also saw the "strongest" increase in adviser numbers at the beginning of a financial year since FY20, according to Padua WealthData, with net gains reaching 286 by month-end since July 1.

ASIC reiterated that it is a serious offence to provide false or misleading information or fail to take reasonable steps to ensure information provided is accurate.