ASIC Tightens Scrutiny on AFSL Records: Firms Need to Act
ASIC Tightens Scrutiny on AFSL Records: Firms Need to Act
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
The Australian Securities and Investments Commission (ASIC) is intensifying its efforts to ensure accuracy in the records maintained about financial advisers on the Financial Advisers Register (FAR).
This move comes after numerous discrepancies were found relating to adviser qualifications and training courses.
Starting 1 August 2024, ASIC will launch an in-depth compliance program aimed at verifying the authenticity of the qualifications reported on the FAR. Any inaccurately recorded qualifications may lead to enforcement actions by the regulatory body.
As the enforcement date of 1 January 2026 approaches, it is paramount for advisers to conform to the qualification standards. This could be achieved by completing an ASIC-approved qualification, earning an equivalent qualification as recognized by the government for existing advisers, or utilizing the experienced provider pathway.
Significantly, ASIC discovered that many qualifications represented as 'approved' were, in reality, bridging courses or professional designations, such as a Certified Financial Planner (CFP). Other qualifications inaccurately marked as 'approved' included the financial adviser exam and RG146 training/qualifications, which are not considered valid under current regulations.
Further findings revealed incorrect contact details for financial advisers associated with Australian Financial Services Licensees (AFSLs), prompting ASIC to demand immediate rectifications. The regulator calls on AFSLs to thoroughly verify and update all aspects of adviser information on the FAR, focusing particularly on their approved qualifications, capacity to provide tax (financial) advice services, and ensuring accurate business addresses and phone numbers.
Providing false or misleading information to ASIC, or failing to take reasonable steps to ensure the information is accurate, is a serious offence. Moreover, failing to update the FAR within 30 business days following a change in an adviser's details also constitutes an offence.
A notable shift will occur from 1 July, when the Financial Services Register will cease displaying whether an adviser's training meets the 'approved' qualification requirement. This change underscores the need for AFSLs to maintain rigorous and proactive records management practices.
Drawing from the original source of this initiative, it is essential for financial service providers to heed ASIC's warnings and ensure compliance. These steps are crucial in upholding the integrity and trustworthiness of the financial advisory profession.
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
The Clean Energy Finance Corporation (CEFC) has announced a partnership with Hyundai Capital Australia (HCAU) to provide discounted finance rates on eligible Hyundai and Kia electric vehicles (EVs). This initiative aims to reduce the upfront costs associated with EV ownership, making it more accessible for Australian households and small businesses. - read more
MG Motor Australia has announced a substantial price reduction for its HS Super Hybrid range as part of the M-Genius End-of-Financial-Year (EOFY) campaign. Until June 30, 2026, the plug-in hybrid SUV is available with a $5,000 discount, bringing the driveaway price to $42,990 for the Excite variant and $46,990 for the Essence variant. This represents a saving of approximately 10% off the previous prices. - read more
In 2025, Australia witnessed a significant surge in electric and hybrid vehicle financing, reaching a total of $7.37 billion-a 20% increase from the previous year. This growth indicates a substantial shift in consumer preferences towards cleaner transportation options. - read more
In a remarkable development, fintech lender MONEYME has observed a substantial 90% month-on-month increase in electric vehicle (EV) loan applications from February to March 2026. This surge underscores a significant shift in Australian consumer behaviour towards electric vehicles, driven by escalating fuel prices and growing environmental awareness. - read more
The landscape of car purchasing in Australia is undergoing a significant transformation, driven by the rapid adoption of digital finance solutions. Traditional methods of securing car loans are being replaced by streamlined online processes, offering consumers faster approvals and enhanced convenience. - read more
When it comes to buying a car, understanding the loan terms is just as essential as choosing the right make and model. The terms of a loan can significantly affect your financial journey beyond just the asking price. In a marketplace brimming with attractive deals, comprehending these terms can be your greatest asset, ensuring you drive away with a well-suited financing plan. - read more
With the rising cost of living, many Australians are opting for used vehicles as a cost-effective alternative to brand-new cars. Buying a used car can offer significant savings, reducing the initial financial burden while still providing reliable transportation. - read more
When it comes to owning a car in Australia, many of us view it as a symbol of freedom, an essential convenience, or even a reflection of our personal style. Yet, for all the road trips planned and errands run, the cost of owning a car extends well beyond the sticker price. - read more
Car loans play a pivotal role in empowering individuals to afford their own vehicle, which can be a significant purchase. These loans, structured to fit within one's financial situation, can ease the burden of acquiring a car and assist in achieving personal convenience and mobility. - read more
In this article, we are embarking on a guided journey that we believe will help immensely in navigating the intricacies of the car loan process. - read more
Need Help Finding a Loan?
Get a free car loan eligibility assessment and compare offers tailored
specifically to your circumstances.
All finance quotes are provided free (via our secure server) and without
obligation. We respect your
privacy.
Knowledgebase
Revolving Credit: A type of credit that does not have a fixed number of payments, in contrast to installment credit.
