The Australian Securities and Investments Commission (ASIC) today issued a reminder for financial advisers (i.e. relevant providers) to remind them of their registration obligations.。

Financial advisors not registered with ASIC by 16 February 2024 will need to stop providing personal advice to retail customers。

ASIC urges Australian Financial Services (AFS) licensees to preferentially register their relevant providers through ASIC Connect.

Between February 1 and February 5, 2024, ASIC separately alerted relevant providers who did not register by February 1, 2024, reminding them that they must register by the date specified by their AFS licensee.。

ASIC's records show that as of 9 a.m. on February 6, 2024, there were still 757 (4.9%) relevant providers (including time sharing consultants) have not registered with ASIC。

ASIC encourages relevant providers to check their registration status on the Financial Advisors Registry today to ensure that they are recorded as "registered."。If they are not recorded as "registered," they will need to stop providing personal advice by midnight on February 15, 2024, until they complete their registration and are confirmed on the Financial Advisors Registry.。This includes all personal advice as well as ongoing advice services。

From February 16, 2024, if the relevant provider provides personal advice without registration, it will violate the restricted civil penalty provisions, and its authorized AFS licensee will also constitute a strict liability violation and violate the civil penalty provisions。

AFS licensees can now apply to register their related provider by submitting a "Register Related Provider" transaction through ASIC Connect。

The requirement for relevant provider registration is an ongoing obligation, effective 16 February 2024。Relevant providers and their AFS licensees should ensure that there is a sound process in place to ensure that relevant providers have completed registration before providing personal advice related to relevant financial products to retail customers。

AFS licensees should also ensure that they are aware of the termination of the relevant provider's registration。ASIC will soon launch a program to ensure compliance with this new obligation。