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Most unregistered advisers work for small licensees

Mike Taylor12 April 2024

There were 27 financial advisers authorised by financial planning licensees who were not registered on the Financial Adviser Register (FAR) and most of them were attributable to micro-AFSLs.

The Australian Securities and Investments Commission (ASIC) has confirmed to the Parliament that nine of the 27 advisers unregistered as at 27 February came from AFGLs with less than two advisers, while a further five came from AFSLs with between three and five advisers.

A further three unregistered advisers came from licensees with six to 10 advisers.

The advisers have remained unregistered despite the legislated regulatory requirement that all financial advisers be registered with financial advice licensees responsible for ensuring their inclusion of their authorised representatives on the FAR.

ASIC announced earlier this year that, from 16 February, financial advisers, including time-share advises, had to be registered with ASIC.

NSW Liberal Senator, Andrew Bragg used a question on notice as part of Senate Estimates to ask ASIC how many financial advisers are unregistered and the types of licensees they came from.Unregistered advises

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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Peter Robinson
25 days ago

Less than two. That’s one isn’t it? I assume they mean two or less?

bemused
25 days ago

So out of 15,000 Advisers 27 are hero’s and champions that said stuff ASIC. I suspect after a day of fumbling around 1 of 3 ASIC’s websites they said stuff this.

So they were all previously authorized and then licensed of course,….and yes the AFSL notified ASIC and previously paid money…..but they just weren’t registered…. this is the biggest con job and ASIC rip off that all Advisers will need to pay a levy starting from 2025. True Hero’s sick of rising ASIC costs.

I said to my Builder, I know you’re licensed, and authorized but are you registered? He asked what planet are you from.

Only two groups love this red tape. Public Servants and Dealer Groups. No doubt the registration team within ASIC needs to meet with the Authorisation team which reports to the licensing team.

Sad really to see 27 Advisers that missed the email from ASIC the month prior and are mostly likely holidaying in Europe or sick in Hospital , or can’t be bothered that will be rounded up by ASIC and shot.