The regulator disclosed that according to its records, as at 9am on 18 January, 4,036 (26 per cent) financial advisers who provide personal advice to retail clients on relevant products (relevant providers) are still not registered with ASIC.

Given that the period for registration has coincided with the summer holiday period, ASIC noted it is providing AFS licensees an additional two weeks to register their relevant providers.

The regulator noted, however, that from 16 February 2024, all relevant providers, including time-share advisers, must be registered.

Those who are not registered by this date and continue to provide personal advice while unregistered will be in breach of a restricted civil penalty provision, while the relevant provider’s authorising AFS licensee(s) will have committed an offence of strict liability and contravened a civil penalty provision.

ASIC Commissioner Alan Kirkland stressed in the regulator's statement the importance of meeting this obligation ahead of the new deadline, warning a failure to comply could incur significant consequences for unregistered financial advisers who continue to provide personal advice and their authorising AFS licensee.

“The provision of personal advice by unregistered advisers is prohibited and carries significant penalties,” Mr Kirkland said.

“ASIC has provided a short extension in recognition of the fact that the initial period for registration has coincided with the summer holiday period.

“We acknowledge those AFS licensees who, since late November, have registered their advisers ahead of the requirement commencing. We urge AFS licensees that have not registered their advisers to do so as soon as possible.

“After the revised deadline has passed, ASIC will begin a program to check compliance with this requirement and will take enforcement action where we identify advisers who have provided advice while unregistered,” he said.

ASIC reiterated that it will not provide any further extensions after this time.

Last Wednesday, the Financial Advice Association Australia (FAAA) said nearly 6,000 financial advisers are yet to be registered with ASIC following the passage of legislation in November 2023.