Experience pathway status supressed on FAR

Mike Taylor

Managing Editor and Publisher

27 June 2024

The Australian Securities and Investments Commission (ASIC) will soon have a clearer picture of just how many financial advisers are continuing to work in the profession by utilising the so-called “experienced adviser pathway”.

However, the Financial Adviser Register (FAR) maintained by ASIC will not display whether advisers are relying on the pathway meaning clients will not be able to differentiate.

ASIC has reminded financial planning licensees that as of 1 July, they are required to notify the regulator about instances where they have received a written declaration from a financial adviser that they are eligible to access the experience adviser pathway.

It said licensees have 30 business days to notify ASIC from the day they receive the declaration.

Financial advisers have been able to make written declarations accessing the pathway since 21 September, last year.

Financial advisers have been able to access the experienced provider pathway if they have been a relevant provider for at least 10 years and have a clean record.

The terms of the pathway require advisers to have passed the financial adviser exam.