Information on the Financial Advisers Register
罢丑别听Financial Advisers Register contains information about relevant providers (also known in the industry as financial advisers). Relevant providers are individuals authorised to provide personal advice to retail clients on relevant financial products and may include provisional relevant providers and time-share advisers. For more information see Definitions that apply to personal advice providers.
Australian financial services (AFS) licensees are responsible for听appointing and maintaining the details of their relevant providers听they have authorised on the Financial Advisers Register.
AFS licensees are also responsible for registering their relevant providers (including time-share advisers) with ob体育. Provisional relevant providers cannot be registered.
Relevant providers details
When an AFS licensee appoints an individual to the Financial Advisers Register, the AFS licensee must provide the following mandatory information about the relevant provider:
- date of appointment to the AFS licence
- given name
- family name
- date of birth
- country of birth
- country
- street number
- street name
- street type
- city/suburb
- postcode
- state/territory
- email address (not publicly displayed on the Financial Advisers Register)
- relevant provider role type:
- relevant provider (financial adviser)
- provisional relevant provider (professional financial provider), or
- time-share adviser.
The AFS licensee can provide the following additional information about the relevant provider:
- representative number
- Australian Business Number (ABN)
- other given names
- state/territory of birth, if in Australia
- suburb/city of birth, if in Australia
- principal place of business:
- building/property name
- floor/level
- unit/office
- phone number (not publicly displayed on the Financial Advisers Register)
When any of this information changes in relation to a relevant provider, the AFS licensee who authorises the relevant provider must听update the Financial Advisers Register听within 30 business days.
Relevant financial products
Relevant financial products are all financial products except:
- basic banking products (basic deposit products and a facility for making non-cash payments)
- general insurance products
- consumer credit insurance, or
- a combination of any of these products.
When an AFS licensee appoints a relevant provider to the Financial Advisers Register, they must authorise them to provide advice to retail clients on at least one of the products on the list of 鈥榬elevant financial products鈥�: see Table 1 below.
A limited AFS licensee can only authorise a relevant provider to give advice about.
- self-managed superannuation funds (SMSFs)
- a client鈥檚 existing superannuation holdings in certain circumstances, and
- 鈥榗lass of product鈥� advice about securities, simple managed investment schemes, life risk insurance products and superannuation products.
The relevant financial products a relevant provider can provide advice on, must not exceed those of the AFS licensee, or the organisation that the AFS licensee has authorised to provide advice 鈥� for example, a body corporate.
Table 1: Relevant financial products
| Category | Authorisation |
|---|---|
| Deposit and payment products |
Non-basic deposit products Non-cash payment facilities |
| Derivatives
If you select 鈥楢ll鈥�, you cannot select one or more of the other derivatives. |
All Wool only Electricity only (leave blank if not applicable) Grain only |
| Foreign exchange contracts |
Foreign exchange products |
| Government debentures, stocks or bonds |
Government debentures, stocks or bonds |
| Life insurance products
If you select 'Life risk insurance', you cannot also select 'Consumer credit insurance only'. |
Investment life insurance products Life risk insurance products Consumer credit insurance only |
| Managed investment schemes
Any of the managed investment scheme options can be selected, with the exception of the following combinations:
|
Managed investment schemes excluding investor directed portfolio services (IDPS) Managed investment schemes including IDPS IDPS only Own managed investment scheme only (leave blank if not applicable) Horse racing syndicate Time-sharing scheme Managed discretionary account (MDA) services |
| Retirement savings account products |
Retirement savings account products |
| Securities |
Securities |
| Superannuation
If you select 鈥楢ll鈥�, you cannot select one or more of the other superannuation authorisations. |
All Self-managed superannuation fund A person's existing holding in a superannuation product |
|
Margin lending facilities 听 |
Standard margin lending facility (leave blank if not applicable) Non-standard margin lending facility (leave blank if not applicable) |
| Carbon credits |
Australian carbon credit unit Eligible international emissions unit |
| Miscellaneous financial facilities
听 |
Miscellaneous financial investment products 鈥� MDA services Miscellaneous financial risk products Miscellaneous financial investment products |
| Further restrictions on relevant provider authorisations
Include any caveats or restrictions on the financial products provided. |
Further restrictions |
Recent advising history
Provide the relevant provider鈥檚 advising history as a relevant provider for the last five years. This does not include their current employment.
Only previous as a relevant provider should be included. Do not include periods where the individual was working as a paraplanner or Q1 and Q2 of the provisional relevant providers year of work and training.
If the relevant provider has been employed by the current AFS licensee for more than five years, you do not need to provide any further information on their recent advising history. If the relevant provider has been employed by more than one licensee during the past five years, provide details for all licensees where the individual was employed as a relevant provider.
The details for recent advising history include:
- previous AFS licence number
- authorisation start date
- authorisation end date
The Financial Advisers Register displays the current AFS licensee name. If an AFS licensee has changed its name since the employment period in the history, you can search for the licensee using its AFS licence number, which stays the same.
Qualifications and training courses
Provide information on the qualifications and training courses that a relevant provider has completed relevant to providing financial services.
Up to 20 qualifications and training courses can be included on the Financial Advisers Register. The AFS licensee should also indicate which qualifications, course and/or units of study goes towards meeting the qualifications standard set out in section s921B(2) of the Corporations Act. 听For more information on the qualifications standard see: Qualifications standard.
The details for qualifications and training courses include:
- the type of course (AQF level)
- name of course
- provider/institution
- year attained
- whether the qualification, course and/or units of study goes towards meeting the qualifications standard (see note 1).
Note: Existing qualifications that are marked as a qualification, course and/or unit of study that goes towards meeting the qualifications standard cannot be edited. They must be deleted and re鈥慳dded with the correct information. 听
For more information on how an AFS licensee should assess the qualifications of a relevant providers and input this information into the Financial Advisers Register see: Assessing relevant provider qualifications.
Ability to provide tax (financial) advice services
Provide information on whether the relevant provider can provide tax (financial) advice services, including the capacity in which they can do so.
This option is not available for time-share advisers.
To provide tax (financial) advice services to retail clients, a relevant provider must:
- be permitted by their AFS licensee to provide tax (financial) advice services, and
- satisfy听the requirements of a qualified tax relevant provider.听
See Information Sheet 268听Relevant providers who provide tax (financial) advice services听(INFO 268)听for further information.
Continuing professional development (CPD) requirements
Provide information on whether the relevant provider failed to meet their听CPD requirements:
Failure to meet CPD requirements is displayed on the Financial Advisers Register as:
[DD/MM/YYYY] 鈥� failure to meet annual requirements for continuing professional development was notified.
Professional memberships
Provide information on the relevant provider鈥檚 membership of any professional bodies relevant to providing financial services.
Up to five professional memberships can be included on the Financial Advisers Register.
If the professional body is not listed, the AFS licensee can add the name of the professional body to the Financial Advisers Register.
Updating information on the Financial Advisers Register
When a relevant provider鈥檚 details change, the AFS licensee must update the information on the Financial Advisers Register within 30 business days. This includes information on the relevant provider鈥檚 ability to provide tax (financial) advice services, their qualifications and training, authorisations or professional memberships. See听Maintain (update) or correct a relevant provider鈥檚 details.
If you have concerns about information for a relevant provider authorised under another AFS licence, see听what you should do.
A relevant provider鈥檚 registration status听on the Financial Advisers Register
Information relating to a relevant provider鈥檚 registration status will also be displayed on the Financial Advisers Register. AFS licensees must register their relevant providers with ob体育 before they provide personal advice to retail clients.听听
For more information see Registering a relevant provider.