Yesterday, ASIC rolled out an updated schedule for the transition to its new adviser professional standards reforms - here's how this will make life easier for advisers and licensees.
Deadlines for existing providers
ASIC explained that advisers who are listed on the Financial Advisers Register (FAR) between 1 January 2016 and 1 January 2019 will be recognised as existing providers, and that if you are currently authorised to provide personal advice to retail clients on complex financial products, you should make sure you’re on the list.
Assuming you’re recognised as an existing provider, you will now have until 1 January 2021 to pass an exam and 1 January 2024 to complete an approved qualification, and you are permitted to continue working as an adviser in the interim.
If you aren’t recognised, though, you’ll have to pass the exam and complete the approved qualification by 1 January 2019 to continue working.
Changes to notification requirements
The standards authority announced a raft of changes on Friday night. Her....
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