ASIC has opened a further review of the Financial Advisers Register (FAR), testing whether the qualifications recorded for advisers actually meet the qualifications standard.
The targeted review, announced Friday, will examine a sample of qualifications and training courses. Australian financial services (AFS) licensees recorded these as counting toward the standard.
It follows an earlier review of advisers whose records listed no qualifications or courses. ASIC is also continuing to monitor notifications about advisers relying on the experienced provider pathway.
Since Jan. 1, all advisers giving personal advice to retail clients on relevant financial products must meet the standard. Those who missed their applicable deadline cannot remain authorised to give that advice.
The release does not say how large the sample will be or when the review will finish.
ASIC’s earlier review began in late February and found 132 existing advisers on the register with no qualifications or courses marked. Some marked only the exam run by the former Financial Adviser Standards and Ethics Authority (FASEA).
After ASIC contacted the 82 licensees involved, 106 records were updated to show the advisers met the standard. Another 26 advisers had their authorisation to give personal advice to retail clients ceased, ASIC reported in July.
Most licensees had updated the register before January 1, the regulator noted. Adviser numbers also fell below 15,000 entering the new financial year.
Register accuracy has been an ASIC focus for more than two years. When it launched a compliance program in 2024, the regulator said it would consider enforcement action where necessary. It found errors such as bridging courses and professional designations marked as approved qualifications.
As of September 2025, ASIC data showed 3,459 advisers had yet to meet the standard. Of those, 1,371 may have been eligible for the experienced provider pathway.
Warnings to check records followed throughout 2025. Licensees remain responsible for ensuring records for every adviser they authorise are accurate and current, ASIC has said previously.
ASIC told licensees in July to confirm three things:
ASIC has also made a temporary dataset available, showing which qualifications and courses have been marked as counting.
The regulator reminded licensees and advisers that it is “a serious offence to knowingly give ASIC false or misleading information.” It extends to failing to take reasonable steps to ensure information is accurate.
Insurance Business has reported the register mainly covers advisers giving personal advice on products including life insurance, not those advising only on general insurance. That places life risk advisers, and the licensees that authorise them, within the review’s reach.
For brokerages with risk advice arms, a practical first step is matching each adviser’s register entry to their documented qualifications. Advisers cannot update their own entries, so they must ask their licensee to correct any errors.
