ASIC requires AFS licensees to review adviser records by January 2026
ASIC flags major data gaps in FAR
The Australian Securities and Investments Commission (ASIC) is intensifying efforts to ensure the accuracy of information in the Financial Advisers Register (FAR) ahead of a major regulatory change taking effect on January 1, 2026.
According to an official statement from ASIC, Australian Financial Services (AFS) licensees must immediately review and, if necessary, correct key information about their advisers, particularly regarding their qualifications.
Following a second spot check of the FAR, ASIC has highlighted ongoing issues with the accuracy of professional data submitted for advisers. These concerns are especially pressing, as by 2026 all advisers must comply with new education and training standards in order to remain authorised to provide personal financial advice.
Statistics and detected breaches
As of May 28, 2025, out of 15,610 registered advisers, 6,426 are reported to hold an approved qualification, and 4,580 are using the "experienced provider" pathway. However, 4,604 advisers still do not meet the required standards. Of those, 1,844 may qualify for an exemption, but their status has not yet been properly reported to ASIC.
Among the discrepancies identified were instances of advisers incorrectly claiming eligibility for the experienced provider pathway, listing incomplete or unapproved courses as credentials, and inaccurately reporting their authorisation history. Submitting false information or failing to update data in a timely manner may result in legal consequences.
ASIC guidance and implications
ASIC emphasises that licensees must confirm whether their advisers have completed or are on track to complete an approved course, or are legitimately using the experienced provider pathway. Those offering tax-related financial advice must also complete required courses in commercial and taxation law by the end of 2025.
To assist with compliance, ASIC has published a temporary dataset on its website that includes information on adviser qualifications and tax advice permissions. This tool is intended to help licensees verify records and avoid enforcement actions.
Starting January 1, 2026, ASIC will initiate a compliance review using FAR data to determine whether each adviser is legally authorised to offer personal advice. Licensees are urged to promptly update outdated information via the ASIC Connect platform.
These measures are part of ASIC’s ongoing initiative to enhance professionalism and transparency in Australia’s financial advisory sector and to ensure clients receive qualified, trustworthy advice in line with the new standards.
It is worth noting that earlier, during a large-scale crackdown on crypto-related fraud, ASIC obtained court approval to shut down 95 companies linked to international cryptocurrency scams.
