ASIC will extend the date for the separate adviser registration requirement again, this time to October 2023.
In a media release on Tuesday, the regulator announced the deferral of the Hayne royal commission recommendation, which is separate to the existing requirement for an AFSL to appoint any financial adviser that they authorise to the Financial Adviser Register.
On 1 November, 2022, the government announced that it would delay the financial adviser registration requirement until 1 July, 2023, to allow certain improvements to be made to the Stage 1 registration requirement.
On 16 February, 2023, the government introduced these improvements in legislation.
On 9 March, 2023, the bill was referred to the Senate Economics Legislation Committee for inquiry and report. The report is due by 2 June, 2023.
ASIC said a further delay to the registration requirement will allow time for:
- Parliament to consider the improvements proposed by the bill;
- ASIC to assist the financial advice industry to understand and comply with the registration requirement by issuing regulatory guidance and conducting webinars; and
- AFSLs to understand the registration requirement and to make necessary applications to register their relevant providers with ASIC.