ASIC Urges Financial Licensees to Fix Register Errors Before 2026 Deadline

Australias financial regulator has issued a renewed call for accuracy and compliance, warning licensed financial services providers to immediately review information listed on the national Financial Advisers Register (FAR). The alert comes as the industry approaches a key regulatory deadline set for 1 January 2026, when all financial advisers must meet minimum qualification standards.

The Australian Securities and Investments Commission (ASIC) revealed that recent spot checks uncovered widespread data inaccuracies in the register—particularly concerning adviser qualifications and authorisation history.

Qualification Standards Under Scrutiny

According to figures released by ASIC, as of 28 May 2025, there are 15,610 relevant providers listed on the register. Of those:

• 6,426 have been reported as holding an approved qualification.
• 4,580 are listed as using the experienced provider pathway.
• The remaining 4,604 have not yet met the standard, with 1,844 potentially eligible for the experienced pathway but not yet declared by their licensees.

ASIC noted that the accuracy of this data is questionable due to repeated submission errors from Australian Financial Services (AFS) licensees. These include:

• Advisers marked as eligible for experience-based exemptions without evidence.
• Incomplete qualifications incorrectly flagged as approved.
• Authorisation histories listing employment roles that do not meet the legal definition of an adviser.

Legal Responsibilities and Penalties

ASIC has reminded AFS licensees that it is a criminal offence to knowingly submit false or misleading information—or to neglect updating the register within 30 business days of a relevant change.

The agency confirmed that it would intensify monitoring efforts as the 2026 deadline approaches. A compliance review is scheduled for early next year to assess which advisers remain qualified to provide personal advice to retail clients.

Whats Expected of Licensees

Under the upcoming standards, licensees must confirm that their advisers either:

• Hold an approved qualification.
• Have completed a course deemed equivalent by the Minister.
• Are fully eligible for the experienced provider pathway (based on 10 years of practice).

Licensees must also verify that any adviser providing tax-related financial advice has completed required law courses before the deadline—unless exempt.

As Australia strengthens its professional standards for financial advisers, ASIC has made clear that inaccurate records will not be tolerated. The agency‘s latest warning reinforces the industry’s obligation to maintain integrity, transparency, and consumer trust.