ASIC Extends Registration Deadline for Financial Advisors to October 1

The Australian Securities and Investments Commission (ASIC) recently announced that it has extended the registration deadline for financial advisers until October 1, 2023. Financial advisers who provide private financial advice to retail clients on relevant financial products will need to register with ASIC before the date.

ASIC said the extension will give the Parliament more time to consider the improvements proposed by  the Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 and allow the regulator to better assist the financial adviser industry to understand and comply with the registration requirements.

In addition, Australian Financial Services (AFS) licensees will have more time to understand the registration requirements and to make the necessary applications to register with ASIC.

ASIC also notes that the registration requirement is new and separate, and in addition to the pre-existing requirements. And that "Provisional Relevant Providers cannot be registered."