On 30 September 2025, the Australian Securities and Investments Commission (Australia ASIC) published an update and urged financial advisers, also known as relevant providers, to immediately review and update their information on the Financial Advisers Register (FAR). ASIC cautioned that based on current records, at least 3,459 relevant providers risk being unable to provide personal advice to retail clients after 31 December 2025. From 1 January 2026, advisers who do not meet the professional standards will be prohibited from providing personal financial advice under the Australian Corporations Act 2001. ASIC emphasised that urgent corrective action is required, particularly for advisers relying on the experienced provider pathway and those offering tax (financial) advice services.
The professional standards framework introduced under the Australian Corporations Act 2001 requires relevant providers to hold an approved degree or qualification, unless they qualify for the experienced provider pathway. Existing providers generally have until 1 January 2026 to comply with section 921B(2) of the Australian Corporations Act.
Unless exempt, advisers providing tax (financial) advice services must complete courses in commercial law and taxation law by 31 December 2025. Once completed, Australian Financial Services (AFS) licensees must update the FAR to reflect compliance.
ASIC’s review of the Financial Advisers Register (as of 16 September 2025) revealed:
- 15,432 advisers were recorded as relevant providers.
- 7,081 held an approved degree or qualification.
- 3,966 relied on the experienced provider pathway.
- 926 were recorded as both holding a degree and relying on the pathway.
- 3,459 had not yet met the qualifications standard, with 1,371 of these potentially eligible for the experienced provider pathway but not yet notified to ASIC.
- 1,143 advisers must complete commercial law and taxation law courses to continue providing tax (financial) advice from 1 January 2026.
Updating the Financial Advisers Register
ASIC stressed that relevant providers cannot update the register themselves and must work through their AFS licensees. To assist compliance, ASIC has released an updated point-in-time dataset showing each provider’s exam pass date, recognised qualifications, and status regarding the experienced provider pathway.
Licensees are reminded that:
- Updates must be lodged within 30 business days of a change via ASIC Connect.
- Failure to update may result in late fees and constitutes a breach of the Corporations Act.
- It is an offence to knowingly provide false or misleading information to ASIC.
Common Errors Identified by ASIC
ASIC highlighted recurring compliance errors, including:
- Providers incorrectly marked as relying on the experienced provider pathway without eligibility.
- Incomplete or unapproved qualifications being listed as meeting the standard.
- Qualified advisers failing to have their records updated as “meeting the qualifications standard.”
Timeline at a Glance
- 1 January 2019: Professional standards framework for advisers took effect.
- 2021: Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination issued, listing approved qualifications.
- 16 September 2025: ASIC dataset revealed over 3,400 advisers may fall short of compliance.
- 31 December 2025: Deadline to complete qualifications and tax advice requirements.
- 1 January 2026: Non-compliant advisers will no longer be able to provide personal advice to retail clients.
