Relevant providers are financial advisers who are listed on the Financial Advisers Register. To be recognised as a relevant provider, a person must be:
- an Australian Financial Services (AFS) licensee or its representative, and
- authorised to provide personal advice to retail clients, as the licensee or on behalf of the licensee, on relevant financial products.
Under section 922D of the Corporations Act 2001, AFS licensees must notify ASIC when a person becomes a relevant provider. Under section 922Q, ASIC is required to add relevant providers to the Financial Advisers Register.
In general, an existing provider is an adviser that was listed on the Financial Advisers Register at any time between 1 January 2016 and 1 January 2019. This means the person must have been:
- authorised to provide personal advice on ‘relevant financial products’ between 1 January 2016 and 1 January 2019.
- was not banned, disqualified or subject to a court enforceable undertaking on 1 January 2019
'Relevant financial products' are financial products other than basic banking products, general insurance products or consumer credit insurance: see section 910A of the Corporations Act 2001.
A person who is in training to be a financial adviser and has also completed additional requirement is called a provisional relevant provider. The additional requirements include:
- complete an approved degree or equivalent qualification,
- complete quarter one and quarter two of the professional year,
- pass the financial adviser exam, and
- are authorised by their Australian Financial Services Licensee as a ‘provisional relevant provider’ on the Financial Advisers Register.
The expressions “provisional financial planner” and “provisional financial adviser” are specified to refer to a provisional relevant provider.
A person who is authorised as a relevant provider and has also completed additional study with an approved course provider to enable them to provide tax (financial) advice services, is generally called a qualified tax relevant provider. The additional study includes:
- An approved course in Australian taxation law
- An approved course in commercial law
- Five hours of Continuing Professional Development relating to provision of tax (financial) advice each year
Approved bachelor and higher degrees and equivalent qualifications are listed in the Degree, Qualifications and Courses Legislative Instrument (LI) on the Federal Register of Legislation.
A simple list of approved courses can also be found under the approved course page.
Foreign qualifications need to be assessed to determine if they meet the financial adviser educational requirements, and if any additional courses will be required to meet the education standard.
Before submitting an application, an assessment by a Department of Education Skills and Employment (DESE) approved body must be obtained.
You can find more information about how to apply to have Foreign Qualifications assessed.
Yes. After obtaining an assessment from a DESE approved body, foreign qualifications need to be assessed to determine if they meet the financial adviser educational requirements, and if any additional courses will be required to meet the education standard.
You can find more information about how to apply to have Foreign Qualifications assessed.
Existing advisers who have completed an approved degree will need to complete the Ethics for Professional Advisers bridging course to be compliant with the new standards, unless otherwise specified in the Degrees, Qualifications and Courses Legislative Instrument.