AFS licensees - Financial Advisers Register

Latest update

New fees and notification periods now apply

Fees and notification periods apply for the financial adviser and authorised representative registers:

  • Licensees have 30 business days from the effective date of change to notify appointments or updates
  • A $31 fee will apply to update representative details or cease a representative
  • A $79 late fee will apply when a notification is less than one (calendar) month late
  • A $329 late fee will apply when a notification is over one (calendar) month late

Improvements to online services:

  • AFS Licensees can now update all details online for financial advisers and authorised representatives using ASIC Connect. The paper form used to notify changes previously has been removed.
  • We have updated the invoice to include specific representative details and show the type of fee that was incurred.
  • AFS licensee’s controlling entity(ies) can now be notified through the AFS licensee portal using the Form FS20 Change of details.

Further information about the new fees and improvements to our online services can be found below.

Financial advisers - Qualifications, training and professional memberships

Financial Adviser - appoint and change details

Things you need to know Description
Appointing financial advisers Follow these steps to appoint financial advisers.

 

Changing details of financial advisers AFS licensees and authorised representatives can notify us of all changes online through ASIC Connect.
Support for financial advisers and authorised representatives Need more help? See our support for financial advisers and authorised representatives page for easy-to-understand user guides about ASIC Connect.

 

Request correction of a representative details If the details of a financial adviser or authorised representative are incorrect or there is a typographical error in any of the details recorded, you may be able to request a correction.

 

Fee arrangements for financial advisers See our fees page for a summary of fees for financial advisers
Information required to be notified to the financial advisers register This information is for Australian financial services (AFS) licensees that are authorised to provide personal advice on ‘relevant financial products’ to retail clients. It sets out the information that you will need to provide when you appoint a financial adviser to the new register using our online service – ASIC Connect.

 

Frequently asked questions on the Financial Advisers Register We have listed some of the most commonly asked questions about the financial advisers register.
Disputes about the financial advisers register (INFO 202) This information sheet explains:

  • the financial advisers register
  • what an Australian financial services (AFS) licensee’s obligations are when maintaining their details on the register
  • what you should do if you are concerned about the information on the register.

Authorised representatives - appoint and change details

Things you need to know Description
Authorised representative transactions You can update all your authorised representative details by using ASIC Connect.
Support for financial advisers and authorised representatives
Need more help? See our support for financial advisers and authorised representatives page for easy-to-understand user guides about ASIC Connect.
Request correction of a representative details If the details of a financial adviser or authorised representative are incorrect or there is a typographical error in any of the details recorded, you may be able to request a correction.
ASIC key Here you will find all the information you need to know about your ASIC key.This includes guidance on what it is, how to use it and how to request your ASIC key.
Fee arrangements for authorised representatives See our fees page for a summary of the fees for authorised representatives.

More information about the reform

Further links Description
Corporations Amendment (Register of Relevant Providers) Regulation 2015 The Corporations Amendment (Register of Relevant Providers) Regulation 2015 (the Regulation) makes a number of amendments to the Corporations Regulations 2001 (the Principal Regulations) to establish a register of financial advisers.
Corporations (Fees) Amendment (Register of Relevant Providers) Regulation 2015 The Corporations (Fees) Amendment (Register of Relevant Providers) Regulation 2015 (the Regulation) makes a number of amendments to the Corporations (Fees) Regulations 2001 (the Principal Regulations) to allow fees to be charged for the Register of Relevant Providers.

It also amends how fees are charged for notifications to the Authorised Representatives register.

ASIC Corporations (Amendment No. 1) Instrument 2015 The Instrument modifies the definition of “basic banking product” in s922C of the Corporations Act 2001 to clarify the application of Class Order [CO/14/1262] Relief for 31 day notice term deposits.
15-071MR ASIC launches Financial Advisers Register ASIC Media Release, 31 March 2015.
15-021MR Update on the implementation of ASIC register for financial advisers ASIC Media Release, 11 February 2015.
Letter to Licensees with financial product advice authorisations

Letter to Licensees with financial product advice authorisations

This letter will be sent to those AFS licensees that have an authorisation to provide financial product advice.
Letter to Licensees without financial product advice authorisations

Letter to Licensees without financial product advice authorisations

This letter will be sent to those AFS licensees that do not have an authorisation to provide financial product advice.
An enhanced public register of financial advisers Senator the Hon. Mathias Cormann Media Release, 24 October 2014.
Establishing an enhanced public register of financial advisers Senator the Hon. Mathias Cormann Media Release, 17 July 2014.