Government announces six month delay to Adviser Registration

On Tuesday 1 November 2022, the Minister announced a delay of six months in the requirement for licensees to register their advisers with ASIC.  The extension pushes the deadline back from 31 December 2022 until 30 June 2023.  This is a requirement that has caused some confusion.

ASIC have also now issued an announcement noting this delay and referencing when the ASIC Connect portal will be open to accept registrations.

This additional requirement for advisers to be registered, flows from the 2021 Better Advice Bill.  It is being implemented in two stages, with the first stage being the responsibility of licensees.  Further down the track, individual advisers will need to do an annual registration exercise.

Advisers who were registered with the TPB as at 1 January 2022 were automatically deemed to be registered, however where they have changed licensee since 1 January 2022, then registration will be required.  For all advisers who were not registered with the TPB as at 1 January 2022, they will need to be registered by their licensee before 30 June 2023.

We expect ASIC to provide more guidance on this in the early part of 2023.