The second stage of the Financial Advisers’ Register has been launched, and now includes relevant adviser qualifications, training and professional association memberships.
So far the site has had over 60,000 visitors and 100,000 searches, no doubt with a great many of those being conducted by advisers themselves, and a growing number of interested consumers.
Over 23,000 financial advisers are on the register, with anyone employed or authorised directly or indirectly by an Australian Financial Services licensee required to be on the register if they provide advice to retail clients about investments, superannuation and life insurance. That means that every consumer-facing adviser in Australia will be listed.
The register provides only the most basic information, and doesn’t include any clues regarding wrongdoing by the adviser, any time they were fired from an advisory position due to giving poor advice, or any other red flags that may exist in ASIC or employer records.
The transition to the new register ends in September, and from 1 October 2015 late fees will apply to anyone not on the register who should be.