ASIC has announced that it has commenced a compliance program to ensure that the information recorded on the Financial Advisers Register about approved qualifications is correct and will consider enforcement action where necessary.

From 1 July 2024, AFS licensees must notify ASIC within 30 business days if they receive a written declaration from a financial adviser eligible for the experienced provider pathway.

The pathway, available since 21 September 2023, allows advisers to satisfy qualification and professional year standards through a declaration. The declaration must be promptly given to their AFS licensee.

From 1 January 2026 all financial advisers must comply with the qualification standard, either by completing an approved qualification, by completing qualifications the Minister has determined to be equivalent to an approved qualification for existing advisers, or by accessing the experienced provider pathway.

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