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The deadline for meeting the education standard or qualifying for the Experienced Provider Pathway is 1 January 2026. Anyone who has not met the standard by that date will no longer be able to provide personal advice to retail clients.
Based on ASIC’s dataset from the Financial Advisers Register, as at 28 May 2025, 6,426 advisers hold an approved degree or qualification and 4,580 are relying on the Experienced Provider Pathway. ASIC have noted that of the 4,604 who have not met the criteria at this stage, 1,844 may be eligible for the Experienced Provider Pathway however have not yet completed a declaration which their licensee must lodge with ASIC.
Urgent action required
- All financial advisers should carefully check their FAR status and arrange for the data to be updated by their licensee as a matter of urgency.
- For those who are still undertaking study, we encourage you to complete outstanding study as soon as possible.
- Licensee’s should ensure their assessment of advisers’ qualifications is accurate. See ASIC information on assessing adviser qualifications.
- ASIC have stressed that they have major concerns about the quality of the data on the FAR, suggesting that in many cases the FAR data is incorrect. All licensees must carefully check the data on the FAR and fix any errors to ensure that it is correct and up to date. ASIC have provided examples to assist licensees. Also see further information on the FAR registration requirements.
- ASIC have released a temporary data set to help licensees analyse the accuracy of the FAR data and to review the status of those advisers who need to complete further study in order to remain a Qualified Tax Relevant Provider. Financial Advisers who were not registered with the TPB on 1 January 2022, have until 1 January 2026 to complete both a commercial law and a taxation law subjects (diploma level).
Penalties for incorrect information
ASIC have issued a reminder that it is a serious offence to knowingly provide false or misleading information to ASIC or to fail to take reasonable steps to ensure the information provided is true and correct. This includes in relation to information about an adviser to be registered on the FAR.
The FAAA does not think that the number of advisers who are likely to leave the profession at the end of this year is anywhere near that high. We think that these figures released by ASIC are most likely due to qualifying education not being added to the FAR, with some advisers yet to submit declarations to rely upon the Experienced Provider Pathway.
