If you would like to continue providing advice to retail clients when the new regime begins in early 2021, you must work on behalf of a licensed financial advice provider as either a financial adviser or a nominated representative – you cannot be both.
You will NOT need a financial advice provider licence.
If you are currently listed on the FSPR as an “authorised financial adviser” (AFA) or a “registered financial adviser” (RFA) you will be automatically reclassified as a “financial adviser” when the new regime begins in early 2021.
If you’re currently listed on the FSPR as an AFA or an RFA you have nothing to pay. However, from when the new regime begins in early 2021, you will be charged an annual levy of $304.75*. You will also be charged $86.25* each year to stay registered.
Nominated representatives do not need to register on the Financial Service Providers Register and do not personally have to pay a levy as this will be covered by the financial advice provider.
Make sure that your information on the FSPR, including contact details, is up to date.
Start a conversation with a licensed financial advice provider – this may be your existing employer. If you are an AFA or an RFA, you will need to be engaged by a licensed financial advice provider in order to provide advice when the new regime begins. You'll also need to make sure you update your FSPR registration to show this (exact details on how to do this on the FSPR will be released in the coming months). If you are not engaged within the first three months of the new regime, you will be de-registered.
Once you’ve engaged with a financial advice provider, ask them to explain your duties and obligations under the law while working on their behalf
Plan how to meet any skills or knowledge gaps, and understand how the competency safe harbour might apply to you – the financial advice provider you will be working for may be able to support you with this