On Tuesday, 1 November 2022, the Assistant Treasurer and Minister for Financial Services announced a six-month delay to the requirement to register financial advisers with ob体育 (see ).
Financial advisers will now need to be registered by 1 July 2023. It is important to note that the new registration requirement is separate to the pre-existing requirement for an Australian financial services (AFS) licensee to appoint a financial adviser that they authorise to the Financial Advisers Register.
ob体育 previously announced that registration would be available through ob体育 Connect from October 2022. However, in light of the announced delay ob体育 has not opened the ob体育 Connect portal for registration. ob体育 now expects AFS licensees will be able to register their financial advisers via the ob体育 Connect portal in the second quarter of 2023.
ob体育 will publish guidance in advance of the ob体育 Connect portal opening for registration. This guidance material will be accompanied by a set of webinars to assist industry comply with the new registration requirement.
Background
The requirement to register financial advisers was introduced by the , which among other things, implements the Government鈥檚 response to Recommendation 2.10 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.