ASIC alerts licensees to experienced pathway deadlines

ASIC has issued a reminder to the Australian Financial Services (AFS) licensees regarding the upcoming notification obligations related to the new experienced provider pathway.

Starting from next week, AFS licensees must notify ASIC by lodging a notice when they receive a written declaration from a financial adviser eligible for the experienced provider pathway.

Under the new regulation, AFS licensees have 30 business days to notify ASIC from the day they receive a written declaration. For declarations received before July 1 licensees have 30 business days from that date to comply. Notices can be submitted through ASIC Connect.

Failure to notify ASIC of a declaration within the required timeframes may result in criminal and/or civil penalties.

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.

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