The 60/40 adviser qualifications split

Mike Taylor

Managing Editor and Publisher

4 June 2025

There is almost a 60/40 split between advisers on the Financial Adviser Register (FAR) who have an approved degree and those who are relying on the experience pathway.

The latest assessment from the Australian Securities and Investments Commission reveals that as of 28 May, of the 15,610 relevant providers on the FAR, AFS licensees have notified ASIC that 6,426 relevant providers hold an approved degree or qualification and 4,580 are relying on the experienced provider pathway.

ASIC said the remaining 4,604 relevant providers have yet to meet the qualifications standard. Of this cohort, 1,844 may be eligible for the experienced provider pathway, but their AFS licensees are yet to notify ASIC.

In doing so, ASIC urged licensees to get their act together in circumstances where its most recent spot check of the FAR revealed they were falling short.

ASIC said some of the errors identified include:  

• instances where relevant providers have declared they are relying on the experienced provider pathway when they do not appear eligible, 

• relevant providers whose qualifications have been marked as going toward meeting the qualifications standard when the course has not yet been completed or is not an approved course of study, and  

• information about a relevant provider’s authorisation history, including periods of time when they were not a relevant provider.  

The regulator said it was a serious offence to knowingly provide false or misleading information to ASIC or to fail to take reasonable steps to ensure the information is true and correct.

It said it would continue to monitor information on the FAR in the lead-up to January, next year, and will consider further regulatory responses if required.

“After 1 January 2026, ASIC will undertake a compliance program, relying on records on the Financial Advisers Register to determine if relevant providers remain authorised to provide personal advice to retail clients,” it said.