ASIC issues final warning for urgent action from financial advice industry
- 3Lines Platform
- Dec 1, 2025
- 2 min read
Financial advisers who are existing providers and intend to provide personal advice to retail clients about relevant financial products after 31 December 2025, must ensure they meet the requirements.
Existing providers, who intend to provide personal advice to retail clients about relevant financial products after 31 December 2025, are running out of time to:
ensure that they meet the education and training requirements,
review the accuracy of their information recorded on the Financial Advisers Register, and
ask their AFS licensee to notify ASIC of their qualifications, or if eligible, that they are relying on the experienced provider pathway.
New step by step instructions
ASIC has released a new webpage (link below) which includes instructions on how to review the one-off data set published by ASIC and provides information on how to update any incomplete or inaccurate information by submitting an update via ASIC Connect.
ASIC encourages AFS licensees and relevant providers to double check the data using these new instructions.
Implications of not meeting the qualifications standard by 1 January 2026
For relevant providers who are also existing providers and who do not meet the qualifications standard by 1 January 2026, their AFS licensee should consider ceasing their authorisation on or before 31 December 2025 to avoid consequences to the existing provider status.
In accordance with the legislation, if the relevant providers remain authorised and their authorisation ceases by operation of law on 1 January 2026, they will be required to compete a professional year and obtain an approved degree or equivalent qualification before they can provide personal advice to retail clients again.
AFS licensees are responsible for ensuring relevant provider records are accurate and up to date on the Financial Advisers Register.
Action for Licensees
If it has not already been undertaken, review status of financial advisers who are existing providers and ensure they meet the training and education requirements.
Also review the Financial Advisers Register and ensure information is complete and accurate.
Where required, notify ASIC of updates via ASIC Connect.
