The Australian Securities and Investments Commission (ASIC) is pushing back the deadline for financial advisers to register until October 2023.
When the Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 becomes law, ASIC will provide advice, hold workshops and open a registration system so people can apply to become registered.
The Financial Adviser Registration Bill, if passed, will give more time for financial advisers who help people make decisions about financial products like timeshares to become officially registered. This extended deadline would give lawmakers an opportunity to look into possible improvements to the system.
The extension will give ASIC the power to help people in the finance industry understand and stick to the registration regulations. This will be done by giving guiding advice and running online classes. AFS license holders can understand the requirements for registration and make the right applications to register with ASIC.
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