Financial advisers hold their breath waiting for the launch of the Australian Securities & Investments Commission's Financial Advisers Register (FAR) on Moneysmart.
The Australian Securities & Investments Commission's (ASIC) FAR will display whether financial advisers can provide tax (financial) advice services and what requirements they must meet if they provide – or intend to provide – tax (financial) advice services to retail clients.
Financial advisers who meet the requirements are known as “qualified tax relevant providers” (QTRPs). As part of the new requirements, they must complete specified courses in commercial law and taxation law (some exemptions apply).
Those registered with the Tax Practitioners Board as individual tax (financial) advisers at the relevant time are considered QTRPs indefinitely, with ASIC notifying eligible financial advisers and their Australian Financial Services (AFS) licensees of their QTRP status.
According to ASIC, the FAR indicates that QTRPs can provide tax (financial) advice services unless their AFS licensee advises the corporate watchdog that they are not authorised to provide tax (financial) advice services. If that information is not yet available, AFS licensees must notify ASIC before the FAR's launch whether their financial advisers can provide tax (financial) advice services – by updating the financial advisers' details using the “maintain” function on ASIC Connect.
Other information about providing tax (financial) advice services will be available on ASIC's FAR on Moneysmart beginning February 1, 2023.
It is the responsibility of AFS licensees to ensure that the details recorded on the FAR about their financial advisers are correct. If ASIC is not notified whether a financial adviser can provide tax (financial) advice by February 1, the FAR will not display whether the adviser can provide it.
