On 8 August 2025, the Australian Securities and Investments Commission (ASIC) published its latest Financial advice update which provides a round-up of regulatory developments and issues affecting financial advice.

Among other things the update:

  • Provides a reminder to Australian Financial Services (AFS) licensees that they may now access ASIC’s one-off, point-in-time dataset to help them identify information on the Financial Advisers Register that needs to be corrected or updated. From 15 August 2025, this updated dataset will include if an AFS licensee has notified ASIC that a relevant provider has made a declaration that they are relying on the experienced provider pathway to meet the qualifications standard and the date the relevant provider passed the exam. Common errors identified in ASIC’s spot checks of information on the Financial Advisers Register include:
  • relevant providers being marked as relying on the experienced provider pathway when they do not appear eligible;
  • relevant providers’ qualifications and training courses marked as going toward meeting the qualifications standard when the course(s) has not been completed or is not an approved course of study; and 
  • no information (or incorrect information) about the capacity in which the relevant provider can provide tax (financial) advice services.
  • Provides an update on ASIC’s warnings and reprimands. In particular, ASIC mentions the following common circumstances where AFS licensees are failing to register their relevant providers:
  • when the relevant provider changes AFS licensee and the new AFS licensee does not register the relevant provider with ASIC;
  • when the AFS licensee changes the relevant provider’s role through ASIC Connect from provisional financial adviser to financial adviser on the Financial Advisers Register but fails to register the relevant provider with ASIC; and
  • where the relevant provider is dual authorised and the registering AFS licensee ceases the relevant provider’s authorisation, causing the relevant provider’s registration to also cease. The remaining authorising AFS licensee then does not register the relevant provider with ASIC.
  • Covers the existing provider qualifications deadline. Existing providers who do not meet the qualifications standards by 1 January 2026 cannot provide personal advice from that date.
  • Summarises recent ASIC enforcement action.
  • Provides an update on recent disciplinary decisions from the Financial Services and Credit Panel.
  • Contains references to recent ASIC speeches including the speech by ASIC Commissioner Alan Kirkland, Regulatory priorities in financial advice.