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ASIC relieves AFSLs from compliance scheme

ASIC
Adrian Flores
15 November 2019 — 1 minute read

The corporate regulator has assured advice licensees that they won’t be breaching the law should their advisers not able to register with an ASIC-approved compliance scheme by 1 January 2020.

The move comes after ASIC gave licensees a heads-up last month that it would create a new legislative instrument putting this relief into effect.

ASIC has granted a three-year exemption to all AFS licensees from the obligation in the Corporations Act 2001 to ensure that their financial advisers are covered by a compliance scheme and from the associated notification obligations.

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The relief follows the government’s announcement in October that it would introduce a single disciplinary body for financial advice.

Industry bodies the Financial Planning Association of Australia and the Association of Financial Advisers would subsequently abandon their attempts to establish their own self-regulating body, Code Monitoring Australia.

ASIC relieves AFSLs from compliance scheme
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