{"id":1064829,"date":"2026-07-03T00:34:15","date_gmt":"2026-07-03T00:34:15","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/1064829\/"},"modified":"2026-07-03T00:34:15","modified_gmt":"2026-07-03T00:34:15","slug":"unqualified-advisers-identified-in-asic-education-crackdown","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/1064829\/","title":{"rendered":"Unqualified advisers identified in ASIC education crackdown"},"content":{"rendered":"

Six months on from the adviser education deadline, the regulator has announced the results of its review into qualification compliance across the register which led to intervention actions across 82 AFSLs.<\/b>\u00a0<\/p>\n

As of 1 January 2026, financial advisers\u00a0were required\u00a0to either meet a higher education standard\u00a0if they\u00a0didn\u2019t\u00a0qualify for the experience pathway (EP) exemption\u00a0in order to\u00a0continue practicing.\u00a0<\/p>\n

The\u00a0EP required advisers to<\/a>\u00a0have at least 10 years\u2019 experience between 2007 and 2021, have a clean disciplinary record as of 31 December 2021, and have passed the financial adviser exam by 1 January 2022 \u2013 or 1 October 2022 if they were eligible for the exam extension\u00a0\u2013 to\u00a0be eligible for this option.\u00a0<\/p>\n

For advisers who\u00a0didn\u2019t\u00a0meet either of these pathways on 1 January\u00a0were required\u00a0to cease operating, leave the Financial Adviser Register (FAR), and complete the necessary study prior to\u00a0rejoining. During this time, they were unable to\u00a0provide\u00a0financial advice, and doing so would be illegal.\u00a0<\/p>\n

The overall impact of this event was unclear for some time after the deadline, however, as AFSLs have up to 30 days to update a\u00a0relevant provider\u2019s (RP\u2019s) status on the FAR.\u00a0<\/p>\n

Evaluating this in March<\/a>, Padua Wealth Data noted that there were potentially 180 ARs still on the register who appeared not to meet the new standards, meaning\u00a0these advisers may have been providing advice unlawfully.\u00a0<\/p>\n

Speaking with Money Management at the time, an ASIC spokesperson said it had already begun assessing the situation.\u00a0<\/p>\n

\u201cWe have commenced a compliance program, relying on Financial Advisers Register records, to identify relevant providers who remain authorised to provide personal advice to retail clients on relevant financial products, where they have not met the qualifications standard,\u201d they said.\u00a0<\/p>\n

In its latest update, ASIC confirmed its findings of a review into FAR records relating to compliance with the new qualification standards.\u00a0<\/p>\n

\u201cThe review\u00a0identified\u00a0that of the relevant providers who are \u2018existing providers\u2019 and remained on the FAR,\u00a0132 individuals did not have any qualifications\u00a0or training courses marked. Some only marked the exam administered by the former Financial Adviser Standards and Ethics Authority (FASEA) as going toward meeting the qualifications standard.\u201d\u00a0<\/p>\n

Since\u00a0commencing\u00a0the review in late February, ASIC said it had conducted intervention actions with the 82 AFSLs\u00a0representing\u00a0the 132\u00a0advisers.\u00a0<\/p>\n

Breaking it down, the regulator\u00a0explained that:\u00a0<\/p>\n