The regulator has issued a fresh warning to Australian Financial Services (AFS) licensees, urging them to urgently verify and update information on the Financial Advisers Register ahead of the 1 January 2026 qualifications compliance deadline.

The reminder follows ASIC’s second targeted spot check of the register, which revealed ongoing errors and inconsistencies in reported adviser qualifications and authorisation details. The check focused on whether relevant providers—financial advisers authorised to provide personal advice to retail clients—are meeting the mandated qualification standards.

Spot Check Reveals Persistent Data Inaccuracies

As of 28 May 2025, the register listed 15,610 relevant providers. Of these, licensees had reported that:

• 6,426 providers hold an approved qualification,

• 4,580 are using the "experienced provider" pathway,

• 4,604 have yet to meet the required standard.

Notably, 1,844 of those who remain non-compliant may qualify for the experienced provider pathway, but their licensees have not yet notified ASIC.

However, ASIC warns these figures may be unreliable due to continued data errors. The regulator identified several key issues, including:

• Incorrect claims of eligibility under the experienced provider pathway,

• Incomplete or unapproved qualifications listed as complete,

• Misrepresented authorisation history—such as listing employment in non-advisory roles like paraplanning as relevant advising experience.

ASIC stressed that knowingly providing false or misleading information or failing to correct outdated records within 30 business days, are serious offences under corporate law.

Stricter Oversight Ahead of 2026 Deadline

From 1 January 2026, all relevant providers must meet new education standards, including either completing an approved qualification, an equivalent Minister-approved qualification for existing advisers, or qualifying through the experienced provider pathway.

ASIC confirmed that it will continue to monitor the register closely and may take further regulatory action where necessary. A compliance program is scheduled to begin post-deadline to determine whether financial advisers are still authorised to operate.

AFS licensees are being urged to:

• Check and confirm advisers’ qualifications and training records,

• Ensure authorisation history accurately reflects recent advisory experience,

• Notify ASIC of advisers relying on the experienced provider pathway,

• Verify completion of prescribed law courses for those offering tax (financial) advice,

• Correct contact details and submit any updates through ASIC Connect.

"AFS licensees should also review the information currently on the Financial Advisers Register about how your relevant providers meet the qualifications standard and ensure it is recorded correctly," ASIC said.

"This includes only marking the tick box for qualifications and training courses that go towards the relevant provider meeting the qualifications standard." 

Support and Resources Available

To assist with compliance, ASIC has released a temporary dataset listing advisers’ training and tax advice capabilities. Licensees must lodge any corrections using the ‘maintain’ function on ASIC Connect.

ASIC’s ongoing campaign is part of its broader efforts to uphold professional standards introduced in 2019, designed to boost transparency and trust in Australia’s financial advice industry.

More information about qualifications standards and the experienced provider pathway can be found on the ASIC website.

Stay Ahead of the Curve on Financial Advice Reform

Major regulatory changes are reshaping financial advice in Australia, with a critical compliance deadline looming in January 2026 along with new tranche changes in Delivering Better Advice Reform. Now more than ever, financial professionals must understand how shifting standards and oversight will impact their responsibilities and the future of advice delivery.

Be part of a pivotal discussion with Australia’s top regulatory leaders, including ASIC Commissioner Kate O’Rourke, as they outline their strategic priorities for 2025 and beyond. From education standards to compliance expectations, this is your opportunity to gain direct insights into the evolving regulatory landscape. Don’t miss this cornerstone event shaping the future of financial services.

Register now for The Regulators and ensure you and your organisation are ready to navigate the road ahead.