Since 21 September 2023, financial advisers who meet the criteria to access the experienced provider pathway have been able to rely upon the pathway as an alternative way to satisfy the qualifications standard and the professional year standard by making a written declaration. Financial advisers who make a written declaration must give a copy to their AFS licensee(s) as soon as practicable.

From 1 July 2024, AFS licensees who receive a copy of a written declaration from a financial adviser who is eligible to rely on the pathway must notify ASIC within 30 business days of receiving the declaration. ASIC has provided guidance in Information Sheet 281 FAQs: Relevant providers – Accessing the experienced provider pathway on how AFS licensees can satisfy for themselves that a financial adviser who has given them a copy of a written declaration is eligible to access the pathway.

Notices can be lodged with ASIC through the appoint (add) and maintain (update) functions on ASIC Connect.

The Financial Advisers Register will not display whether a financial adviser is relying on the experienced provider pathway.

The following tables set out the timeframes within which AFS licensees are required to notify ASIC. Criminal and/or civil penalties may apply for failure to notify ASIC of a declaration within the required timeframes.

Table 1.1: Timeframe for authorising AFS licensees to notify ASIC of a declaration

Table 1.2: Timeframe for self-licensed relevant providers to notify ASIC of a declaration

ASIC is Australia’s corporate, markets and financial services regulator.