The Australian Securities and Investments Commission (ASIC) has urged Australian Financial Services (AFS) licensees to register their financial advisers.。

ASIC's records show that as of 9 a.m. on January 18, 2024, there were still 4,036 (26%) financial advisors who provided personal advice on related products to retail customers who were not registered with ASIC.。Given that the registration period coincides with the holidays, ASIC has given AFS licensees an additional two weeks to register their relevant providers.。

The Australian Securities and Investments Commission has prepared an instrument which, once in force, will extend the registration period until 16 February 2024.。

From 16 February 2024, all relevant providers, including timeshare consultants, must register。This does not include temporary related providers。A relevant provider that provides personal advice without being registered will be in breach of the restrictive civil penalty clause, while an authorized AFS licensee of the relevant provider will be guilty of a strict liability offence and will be in breach of the civil penalty clause。

The Australian Securities and Investments Commission will not provide any further extensions thereafter.。The Australian Securities and Investments Commission will focus on ensuring compliance with the registration system and taking regulatory action where necessary.。

Alan Kirkland, commissioner of the Australian Securities and Investments Commission, stressed the importance of meeting this obligation by the new deadline and warned that failure to comply would have serious consequences for unregistered financial advisers who continue to provide personal advice and their authorised AFS licensees.。

Mr Kirkland said:

"We are grateful to those AFS licensees who have registered their advisers since late November before the regulations came into force.。We urge AFS licensees who have not yet registered their advisers to do so as soon as possible.。

After the revised deadline passes, the Australian Securities and Investments Commission will begin implementing a scheme to check compliance with the requirement and take enforcement action if advisers are found to be advising without being registered.。