Support for individual adviser registration being laid to rest

Mike Taylor

Managing Editor/Publisher, Financial Newswire

28 January 2026

The Financial Advice Association of Australia (FAAA) has made clear its support for the Government not proceeding with individual financial adviser registration.

In a submission to the Senate Economic Committee, the FAAA pointed to some remaining clumsiness in the current adviser registration regime but welcomed the fact the Government had opted not to proceed with further changes.

The FAAA noted that for all its clumsiness, the existing regime is working.

It noted that the Financial Adviser Register has operated since March 2015 and is a public register that includes information on a financial adviser’s authorisation to provide financial advice and includes extensive detail on their authorisation history, education and other matters.

“It was not evident to many what benefit this additional requirement to be individually registered would provide. Ultimately stage 1 of this process was implemented and advisers were required to both be authorised by their licensee, with their licensee notifying ASIC of this situation, and be registered with ASIC (which was also undertaken by their licensee),” it said.

“The difference and the requirements for two separate processes has not been well understood. Nonetheless, it has been implemented and with the exception of a few cases where a licensee completed one process, however failed to complete the other, it is, in large part, now working, even if inefficient in the sense of the duplication.”

“It is unclear what benefit would be obtained by requiring this process to move from one where the licensee registered the adviser, often as part of a bulk process, to one where the adviser needs to individually register with ASIC and renew on an annual basis,” the FAAA submission said.

“As has been suggested, as a result of abandoning the Modernising Business Registers program, progressing with stage 2 would necessitate investment in new technology, which would likely come at a very significant cost. “

“The FAAA supports the decision not to proceed with stage 2 of individual financial adviser registration,” the submission said.

The Financial Services Council (FSC) said it also supported not proceeding with the State 2 adviser registration process as proposed.

“Stage 2 would require individual financial advisers to register themselves with ASIC and renew their registration annually. This is due to commence by 1 July 2026,” it said.

The FSC supports reducing the regulatory burden on the financial advice sector and for this reason we are supportive of the Government’s decision not to proceed with Stage 2. We appreciate the decision is also based on the determination not to proceed with Modernising Business Registers program, which was to be used to facilitate registration.”