One of the key changes, ASIC said, is an adjustment to when licensees need to notify ASIC about new advisers who are joining the industry for the first time after 1 January 2019.

Originally details about new ‘provisional relevant providers’ needed to be added to the financial adviser register from 1 January 2019, but the date has now been extended to 15 November 2019 at the earliest.

“As a result, new ‘provisional relevant providers’ can only be added to the financial adviser register from 15 November 2019,” ASIC stated.

ASIC also clarified that financial advisers who are listed on the financial advisers register (FAR) between 1 January 2016 and 1 January 2019 will be recognised as an 'existing provider' under the new professional standards.

“Therefore, financial advisers who are currently authorised to provide personal advice to retail clients on more complex financial products should make sure they are on FAR,” the corporate regulator stated.

Without recognition as an ‘existing provider' an adviser must pass an exam and complete an approved qualification by 1 January 2019 to work as a financial adviser. They must also undertake a year of work and training, ASIC explained.

 “If a person is an 'existing provider', they have until 1 January 2021 to pass the exam, and 1 January 2024 to complete an approved qualification. In the meantime, they can continue to work as a financial adviser,” it said.