Financial advisers who give personal advice to retail clients
On 1 January 2019, the Financial Adviser Standards and Ethics Authority (FASEA) assumed oversight of financial advisers who give personal advice to retail clients.
Existing advisers already on the Financial Advisers Register as at 31 December 2018 are subject to transition arrangements and can continue providing advice via meeting ASIC requirements under RG146 until 1 January 2021.
We may be able to recognise Skills previously attained through successful completion of personal advice in another RG146 specialist knowledge area. Contact us to determine your eligibility.
ASIC takes “existing provider” to mean a person who can demonstrate that they:
- had a status of ‘current’ on the financial advisers register at any time between 1 January 2016 and 1 January 2019, and
- were not banned, disqualified or subject to an enforceable undertaking (where they undertook to not provide financial product advice or financial services in any capacity) on 1 January 2019.
Read more on our dedicated page Professional Standards for Financial Advisers
For full details of ASIC’s approach to implementation of the new professional standards, refer to the dedicated Professional standards for financial advisers – reforms page of the ASIC website.