FOLLOW US
Follow us!

We are a proud member of the Financial Services Online network!

Connect with us on your favourite social media platform for the latest financial news, views, resources and information.

Follow us on social media
Car Loans Australia
Private & Commercial Car Loans for New & Used Vehicles
Car Loans Australia :: News
SHARE

Share this news item!

ASIC Tightens Scrutiny on AFSL Records: Firms Need to Act

ASIC Tightens Scrutiny on AFSL Records: Firms Need to Act

ASIC Tightens Scrutiny on AFSL Records: Firms Need to Act?w=400

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.

Published:Wednesday, 31st Jul 2024
Author: Paige Estritori
Sources

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Finance News

ASIC's Findings Highlight Urgent Need for Reform in Car Finance Sector
ASIC's Findings Highlight Urgent Need for Reform in Car Finance Sector
09 Mar 2026: Paige Estritori
The Australian Securities and Investments Commission (ASIC) has recently conducted a comprehensive review of the motor vehicle finance sector, uncovering significant issues that adversely affect consumers. This investigation was initiated in response to a surge in complaints regarding high costs associated with car financing. - read more
CEFC and Hyundai Capital Australia Collaborate to Lower EV Loan Rates
CEFC and Hyundai Capital Australia Collaborate to Lower EV Loan Rates
09 Mar 2026: Paige Estritori
The Clean Energy Finance Corporation (CEFC) has announced a significant partnership with Hyundai Capital Australia (HCAU), committing up to $60 million to reduce the upfront costs associated with electric vehicle (EV) ownership. This initiative is designed to make EVs more accessible to Australian households and small businesses by offering discounted finance rates on eligible Hyundai and Kia electric models. - read more
Australia's Electric Vehicle Financing Hits $6 Billion Milestone in 2024
Australia's Electric Vehicle Financing Hits $6 Billion Milestone in 2024
09 Mar 2026: Paige Estritori
In 2024, Australia witnessed a remarkable surge in electric and hybrid vehicle financing, with total loans reaching $6.17 billion-a 50% increase from the previous year. This substantial growth underscores a nationwide shift towards more sustainable transportation options. - read more
Isuzu Australia Introduces Captive Finance and Leasing Company
Isuzu Australia Introduces Captive Finance and Leasing Company
01 Mar 2026: Paige Estritori
Isuzu Australia Limited (IAL) has announced the establishment of its own finance and leasing company, Isuzu Financial Services Australia (IFSA), set to commence operations in the third quarter of 2026. This marks the first time the Isuzu Group has founded a leasing company outside Japan, highlighting the strategic importance of the Australian market. - read more
AADA Reports Stabilisation in Australian Used Car Market for 2025
AADA Reports Stabilisation in Australian Used Car Market for 2025
13 Feb 2026: Paige Estritori
The Australian Automotive Dealer Association (AADA), in collaboration with AutoGrab, has released the Annual 2025 Automotive Insights Report, providing a comprehensive overview of the nation's used car market over the past year. The report indicates a stabilisation in the market, with total used car sales reaching 2.32 million vehicles in 2025, a slight decrease of 0.37% compared to 2024. - read more
Click for more Finance News


Car Loans Articles

Avoiding Financial Pitfalls: Tips for First-Time Car Buyers in Australia
Avoiding Financial Pitfalls: Tips for First-Time Car Buyers in Australia
Before taking the plunge into car ownership, it's crucial to have a clear view of your current financial health. Start by evaluating your income, monthly expenses, and any savings you may have set aside. This assessment will give you a realistic picture of how much you can allocate towards buying a car without straining your finances. - read more
How to Compare Car Loans: A Step-by-Step Guide for Australian Buyers
How to Compare Car Loans: A Step-by-Step Guide for Australian Buyers
When planning to take out a car loan, it is crucial to start by understanding your budget. Consider how much you can realistically afford to borrow without straining your finances. Assessing your monthly income and expenses will help you arrive at a sensible figure, ensuring you don't overcommit. - read more
From Fuel to Finance: A Comprehensive Breakdown of Car Costs
From Fuel to Finance: A Comprehensive Breakdown of Car Costs
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
Understanding Car Loan Refinancing in Australia: When Is It the Right Move?
Understanding Car Loan Refinancing in Australia: When Is It the Right Move?
Car loan refinancing involves replacing an existing car loan with a new one, usually to lower the interest rate, reduce monthly payments, or modify the loan term. In Australia's fluctuating economic landscape, refinancing can be a strategic financial decision for borrowers looking to adjust their finances to more favorable terms. - read more
Decoding Car Loan Fees: What to Watch Out For
Decoding Car Loan Fees: What to Watch Out For
Navigating the car loan landscape in Australia can feel like a daunting task. With a vast array of options available, choosing the right car loan can significantly impact your financial well-being. Understanding the fees associated with car loans is crucial, as they play a significant role in the total cost of the loan. - read more


Need Help Finding a Loan?
Get a free car loan eligibility assessment and compare offers tailored specifically to your circumstances.

Let's help find your car loan!

Loan Amount:
Postcode:
All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.
All finance quotes are provided free (via our secure server) and without obligation.
We respect your privacy.

Knowledgebase
Monetary Policy:
The actions of a central bank or other regulatory authority that determine the size and rate of growth of the money supply.


This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.
IMPORTANT: We do not provide financial product advice or credit assistance. We act solely as an introducer and refer enquiries to licensed third-party intermediaries, insurers, and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.