AIOFP queries ASIC on IT issues with FAR updates
The Association of Independently Owned Financial Professionals (AIOFP) on Friday sought urgent feedback by the Australian Securities and Investments Commission (ASIC) on whether technical problems might be disrupting the ability of advisers to update their details on the Financial Adviser Register (FAR).
AIOFP executive director, Peter Johnston told members he had e-mailed ASIC around concerns that ASIC Connect had been experiencing a system overload and noting the experience of at least one member.
His e-mail pointed out the implications for both licensees and advisers who were seeking to update their details to satisfy the educational deadline.
Johnston notified members of his communication to ASIC and noted an upcoming meeting with the Assistant Treasurer and Minister for Financial Services, Daniel Mulino.
“We are meeting with Minister Mulino and his Chief of Staff next Wednesday about CSLR and the ‘education cliff’ to reiterate our views and possible solutions on both issues, any widespread problems with ASIC accepting data should be a pivotal concern,” he wrote.
In doing so, he asked members to notify the AIOFP if they were experiencing similar problems with ASIC connect as a matter of urgency.
Johnston’s query to ASIC was based on a member’s concern that a registration transaction filed on 1 December had still not been actioned by the evening of 4 December.
The member suggested that this was contrary to the usual experience of a 24 hour turnaround.
Yes ASICs adviser data system has been failing for updates.
Besides the ASIC system being uber quirky in the way data must be entered and deleted – yes – the system has been failing.
It doesn’t need to be like this.