Australian financial services (AFS) licensees must notify ASIC when they authorise an individual under their AFS licence (including provisional relevant providers and time-share advisers) to provide personal advice to retail clients on relevant financial products.
To do this, AFS licensees appoint (add) the relevant provider to the Financial Advisers Register. The Financial Advisers Register is a public record of all relevant providers, provisional relevant providers, and time-share advisers. The AFS licensee must add a relevant provider to the Financial Advisers Register within 30 business days of being authorised.
Up to 25 relevant providers can be added to the Financial Advisers Register in one transaction.
Steps to appoint a relevant provider
1. Check you are authorised to update the Financial Advisers Register
You are authorised to update the Financial Advisers Register if you:
have your own AFS licence
manage an AFS licence for a business, or
have been authorised to update the Financial Advisers Register by an AFS licensee.
You need to be set up in ASIC Connect to update the Financial Advisers Register. ASIC Connect is our online service for notifying and updating details with ASIC.
ability to provide tax (financial) advice services
memberships of professional bodies
financial products they are authorised to give advice on.
The financial products that a relevant provider can provide advice on must not exceed those of the AFS licensee.
If a relevant provider is also an authorised representative, you need their representative number to appoint them as a relevant provider. To find their number, search the Authorised Representatives Register. This number is used for both roles.
If a relevant provider is authorised by another AFS licensee and is already appointed on the Financial Advisers Register, you need to check their details are correct before you appoint them (using the same representative number).
For a full list of details that must be included on the Financial Advisers Register, see Information on the Financial Advisers Register. Documentation is not required to appoint a relevant provider, however, you must declare that the information you have provided is complete and accurate.
3. Decide how you will pay
Fees apply for appointing relevant providers to the Financial Advisers Register. You can choose to pay either: