The new register contains more than 19,000 appointments and supports the government’s commitment to provide an industry-wide public register of financial advisers.
It contains details of those employed or authorised, directly or indirectly, by Australian financial services licensees, and aims to provide personal financial advice to retail clients on investments, superannuation and life insurance.
“The new register enables consumers to find out information about their adviser before they receive financial advice,” ASIC deputy chairman Peter Kell said.
“It also gives employers greater ability to assess new financial advisers and will improve ASIC’s ability to identify and monitor financial advisers.”
ASIC noted there are a small number of advisers who are not yet registered, and said this may be detrimental to their client list.
“While late appointments will continue to be accepted, advisers who are not on the register may potentially lose clients,” it said.
ASIC will now focus on the second stage of the register, which will include details on qualifications, training and professional memberships for financial advisers.