FAR to display whether financial advisers can provide tax (financial) advice

On 6 January 2023, the Australian Securities and Investments Commission (ASIC) published a press release, informing about the fact that as of 1 February 2023, ASIC’s Financial Advisers Register (FAR), published on Moneysmart, „will display whether a financial adviser can provide tax (financial) advice services to retail clients“.
„From 1 January 2022, Financial advisers who provide, or intend to provide, tax (financial) advice services to retail clients must meet certain new requirements“ set out in Corporations (Relevant Providers—Education and Training Standards) Determination 2021 in order to get classified as qualified tax relevant providers (QTRPs).
The ASIC wrote to each of these advisers – who were registered with the Tax Practitioners Board as individual tax (financial) advisers – and to their respective AFS licensees, notifying them of their QTRP status. „ASIC also recorded on the FAR that these financial advisers can provide tax (financial) advice services, unless their AFS licensee has advised ASIC that they are not authorised to provide tax (financial) advice services. This is the record that ASIC intends to display from 1 February 2023“.
„If this information isn’t already recorded on the FAR, Australian Financial Services (AFS) licensees should notify ASIC before 1 February 2023 whether their financial advisers can provide tax (financial) advice services“ by updating their financial adviser’s details using the maintain function on ASIC Connect.
Of note, „if ASIC is not notified whether a financial adviser can provide tax (financial) advice services by 1 February 2023, the FAR will not display whether the adviser can provide tax (financial) advice services. It is the responsibility of AFS licensees to ensure that the details recorded on the Financial Advisers Register about their financial advisers is correct“.
„These requirements with respect to QTRPs are separate to those which require financial advisers to be registered with ASIC by 1 July 2023“.
For further information, please study the FAQs: Relevant providers who provide tax (financial) advice services.