The 60/40 adviser qualifications split | Australian Markets
There is sort of a 60/40 split between advisers on the Financial Adviser Register (FAR) who’ve an authorized degree and those that are counting on the expertise pathway.
The latest evaluation from the Australian Securities and Investments Commission reveals that as of 28 May, of the 15,610 related suppliers on the FAR, AFS licensees have notified ASIC that 6,426 related suppliers maintain an authorized degree or qualification and 4,580 are counting on the skilled supplier pathway.
ASIC mentioned the remaining 4,604 related suppliers have but to satisfy the qualifications commonplace. Of this cohort, 1,844 could also be eligible for the skilled supplier pathway, however their AFS licensees are but to inform ASIC.
In doing so, ASIC urged licensees to get their act collectively in circumstances the place its most up-to-date spot test of the FAR revealed they had been falling short.
ASIC mentioned some of the errors recognized embrace:
- situations the place related suppliers have declared they’re counting on the skilled supplier pathway when they don’t seem eligible,
- related suppliers whose qualifications have been marked as going towards assembly the qualifications commonplace when the course has not but been accomplished or is just not an authorized course of research, and
- details about a related supplier’s authorisation historical past, together with durations of time once they weren’t a related supplier.
The regulator mentioned it was a critical offence to knowingly present false or deceptive info to ASIC or to fail to take cheap steps to make sure the data is true and proper.
It mentioned it will proceed to monitor info on the FAR within the lead-up to January, subsequent 12 months, and can contemplate additional 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 mentioned.
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