Registration on the Financial Adviser Register (FAR)
The new Single Disciplinary Body will be responsible for overseeing the register for relevant providers, which will be based on the existing Financial Adviser Register (FAR).
An annual registration requirement for financial planners will commence on 1 January 2022 and includes a two stage registration process:
- Stage 1 – licensees are required to register planners with ASIC with details posted on the Financial Adviser Register (FAR).
- Stage 2 – (once the FAR has been transitioned to the ATO) each financial planner will be individually responsible for registering directly with the ATO.
Note: From 1 July 2023, current members who were previously registered as either FPA or AFA members on the FAR will be registered as FAAA members.
What Happens to Your TPB Registration?
Financial planners who only provide advice To wholesale clients
Financial planners who only provide general advice