ASIC has reminded financial advisers who are existing providers and intend to provide personal advice to retail clients about relevant financial products that they have until 31 December 2025 to ensure that they meet the education and training requirements.
It stated that is also the cut-off date for revision of the accuracy of their information recorded on the FAR, and to ask their AFS licensee to notify ASIC of their qualifications, or if eligible, that they are relying on the experienced provider pathway.
The regulator directed those that need advice or help in regard to the new qualification process to visit its webpage, Updating the Financial Advisers Register – Qualifications and training details.
The site includes step-by-step 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 a maintain (update) transaction via ASIC connect. It also includes some trouble shooting tips.
ASIC encourages AFS licensees and relevant providers to double check the data using these new instructions.
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 set out in Schedule 1 of the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2021 before they can provide personal advice to retail clients again.
They will be unable to meet the qualifications standard by accessing the existing provider pathways as set out in Part 3 of the determination.
AFS licensees are responsible for ensuring relevant provider records are accurate and up to date on the register.
A review of the information on the FAR shows as of 20 November 2025, of the 15,469 relevant providers, AFS licensees have notified ASIC that 7,959 hold an approved degree or qualification.
A further 4,212 are relying on the experienced provider pathway, and 972 are recorded as holding both an approved degree or qualification and relying on the experienced provider pathway.
The remaining 2,326 relevant providers have yet to meet the qualifications standard and of this cohort, 836 may be eligible for the experienced provider pathway, but their AFS licensees are yet to notify ASIC of this.
Additionally, 827 relevant providers who are also existing providers, unless exempt, will need to complete the specified courses in commercial law and taxation law to continue to provide tax (financial) advice services from 1 January 2026.
