Advising retail clients

An in Depth Look at the ASIC Register for Authorized Representatives

All employees and representatives providing financial advice to retail clients have been invited to become members of a new ASIC

What Register?

Earlier this year, the Australian Securities and Investments Commission (ASIC) launched the Financial Advisers Register for Australian Financial Services License (AFSL) Holders and Authorized Representatives. The Register covers all employees and representatives who are authorized to provide financial product advice to retail clients on Derivatives and Foreign Exchange. If your employer has not already done so, you should request your employer add you as an adviser to the ASIC Register ensuring you are listed as an authorized person to provide financial product advice in Derivatives and Foreign Exchange products. You should also check the details of the AFSL holder are correct on ASIC’s register to ensure any attempt to contact the AFSL holder, or you, by ASIC or a client, are delivered to the correct address.

What Is the Register For?

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We anticipate that the inclusion of a person into ASIC’s Financial Adviser Register will be the basis for ASIC’s verification of the experience of proposed Directors and Responsible Managers on new AFSL applications. Therefore, it is important to ensure that your employer has listed Derivatives and Foreign Exchange as areas you are authorized to provide financial advice on.

In addition, one needs to ensure that both products are listed on the Financial Advisers Register to indicate that you have experience in providing financial advice on the products. This will prevent jeopardizing future AFSL applications for yourself, or in the instance you want to become a Responsible Manager at another AFSL.

The Register will also allow consumers to check the authorizations of an individual before seeking financial advice from them. Using information contained in the database ASIC will be able to identify and monitor all registered Financial Advisers for Derivatives and Foreign Exchange Products in Australia.

What Is Needed for the Register?

Employees and representatives will need to provide their employer with copies of qualifications to be uploaded to the register. You should ensure that you are RG146 compliant in both Foreign Exchange and Derivatives before being listed on the ASIC Register.

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In the instance you realize you are not RG146 compliant for Foreign Exchange and Derivatives, you should complete your RG146 accreditation as soon as possible in order to be included. Qualifications are required to be uploaded to between the 25th and the 30th of May.

What Information Is Needed for Each Person on the Register?

You will need to provide your employer with the following information for inclusion on the ASIC Register:

  • your full name;
  • information on whether you are an Authorized Representative and if so, your Authorized Representative number given by ASIC;
  • your date of birth and place of birth;
  • information on all qualifications, training courses and professional memberships you have participated in (including RG126 accreditation) – We note you will later have to determine which five qualifications or training courses you would like to be publicly available on the Register;
  • information on whether you are sub-authorized by an Authorized Representative, and if so, the name and the number of that Authorized Representative;
  • your recent advising history in relation to Derivatives and Foreign Exchange (this is the last five years);
  • the year you first provided personal advice in relation to Derivatives and Foreign Exchange;
  • all other financial products on which you are authorized to provide advice; and your personal ABN – if applicable

ASIC will also publish information on any banning orders, disqualification or enforceable undertakings entered into by the Financial Adviser.

Need More Information or Assistance?

Sophie Grace can assist AFSL holders with collating all required information to be submitted to ASIC for inclusion on the Register or answer general queries you may have about the Financial Adviser’s Register.

More information regarding the development of the Financial Advisers Register can be found on the website of ASIC – http://www.asic.gov.au/far.

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