Skip to main content

Enhanced Register of Financial Advisers

Regulation Impact Statement – Department of the Treasury

On 16 February 2015 the Government registered the Corporations Amendment (Register of Relevant Providers) Regulation 2015. The regulation establishes a public register of all people providing personal advice on more complex financial products to retail clients. The Government announced it would establish a register of financial advisers on 17 July 2014 and announced details of the content of the register on 24 October 2014. The Government requested the Treasury to prepare a post-decision Regulation Impact Statement for the proposed register after consulting with stakeholders on the likely regulatory costs. The Treasury submitted a post-decision Regulation Impact Statement for final assessment and was assessed as compliant by the Office of Best Practice Regulation (OBPR). The RIS estimates the average regulatory cost at $2.05 million per annum, and identifies offsets. The OBPR has agreed to the regulatory cost and offset estimates.