26 ‘unqualified’ advisers ejected from FAR

Mike Taylor

Managing Editor and Publisher

6 July 2026

The Australian Securities and Investments Commission (ASIC) has confirmed that a review of the Financial Advisers Register (FAR) identified 26 people who were ultimately found to be delivering personal advice without sufficient qualifications.

The outcome has prompted ASIC to warn that it may undertake a further review of the FAR with respect to adviser qualifications.

ASIC commenced the review of the FAR in late February focusing on advisers who, according to the FAR data, did not have any qualifications or training courses marked as going toward meeting the necessary qualifications stand.

It said review identified that of the relevant providers who are ‘existing providers’ and remained on the FAR, “132 individuals did not have any qualifications or training courses marked”.

“Some only marked the exam administered by the former Financial Adviser Standards and Ethics Authority (FASEA) as going toward meeting the qualifications standard,” ASIC said.

“Following ASIC intervention with the 82 AFS licensees that authorised these relevant providers:

• 106 relevant provider records on the FAR have been updated to reflect that they meet the qualifications standard, and
• 26 relevant providers have had their authorisation to give personal advice to retail clients on relevant financial products ceased.

ASIC said it is reminding advice licensees that to meet the qualifications standard, existing providers must satisfy one of the following pathways:

• a bachelor or higher degree, or equivalent qualification, approved by the Minister (see Part 2 and Schedule 1 of the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2021) (Determination)
• qualifications that are equivalent to the education and training standard as set out in one of the existing provider pathways in Part 3 of the Determination, or
• the existing provider is eligible to access the experienced provider pathway and has made the required declaration to their AFS licensee and ASIC has been notified.

ASIC may undertake a further review looking at the details of the qualifications and training courses that AFS licensees have marked on the FAR as going toward meeting the qualifications standard for their relevant provider(s).