The Australian Securities and Investments Commission (ASIC’s) responsibilities regarding the financial advice industry will be broadened under the Better Advice Bill. From 1 January 2022 ASIC will take on additional responsibilities including administration of the financial adviser exam.
The Act, commencing on 1 January 2022, will:
- expand the role of the Financial Services and Credit Panel (FSCP) by providing it with its own functions and powers, including powers to address less serious misconduct
- wind up the Financial Adviser Standards and Ethics Authority (FASEA) and transfer the administration of the financial adviser exam to ASIC
- introduce a single registration and disciplinary system for financial advisers who provide tax (financial) advice services
- require all financial advisers to be registered from 1 January 2023