AIOFP The rules to qualify for the 10 year opportunity from Lionel Rodrigues

The rules to qualify for the 10 year opportunity from Lionel Rodriguez-

An adviser ( technically described as a ‘Relevant Provider’) can access the experience pathway if:

    1. The adviser has a clean disciplinary record as defined in the Corporations Act and the ASIC Act.
    2. The adviser must have at least 10 years of experience, being defined as 3,650 days between 1 January 2007 and 31 December 2021. The number of days do not have to be consecutive.

I hope this helps with your query.

Lionel.

  • The other question was the need to complete an additional Ethics course if using the 10 year rule – the response is NO.

Remember, if you are using the 10 Year rule your declaration MUST BE submitted to your AFSL BEFORE 1/1/2026 who then lodges it on the ASIC Adviser Register before this date. Some AFSL’s are requesting the qualification evidence and others are accepting a ‘state dec’ from the AR that they qualify.

Regards.

Peter Johnston | Executive Director
Association of Independently Owned Financial Professionals
Suite 416, 480 Collins Street, Melbourne VIC 3000
P 1800 111 203, d 03 9863 7574, m 0418 857 621
www.aiofp.net.au | Download my business card

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Below is an online extract stating the rules that will apply BUT you should note the following –

  1. We are hoping the Minister will give a deadline extension to compensate for the questionable direction former Minister Stephen Jones gave last February around ‘any Degree will do’ that disrupted the studying program for many. We are only asking for an extension of time not a rule change.
  2. This is an extract from our technical expert Lionel Rodrigues about whether you need to be a ‘TAX FINANCIAL ADVISER’ or not.

Greetings Peter,

I think I have made it clear that there is no legal requirement or breach of any obligations if an adviser chooses not to be a “Tax Financial Adviser”, on the basis that they do not give tax financial advice.

There is no such compulsory requirement at law or via ASIC regulatory guidance.

Any such demands by Licensees, considering the duties of the adviser, merely adds to the regulatory and compliance over-reach.  

Lionel.