Australian regulators weekly wrap — Monday, 16 January 2023

  1. Financial advisers register (ASIC): ASIC’s Financial Advisers Register, published on Moneysmart, will soon display whether a financial adviser can provide tax (financial) advice services. To provide tax (financial) advice services to retail clients, a financial adviser must meet certain new requirements set out here, and will thereafter be known as ‘qualified tax relevant providers’. AFSLs who authorise financial advisers who are not taken to be QTRPs will need to update the FAR to record whether their financial advisers can provide tax (financial) advice services. If an adviser’s record is not updated by 1 February 2023, the FAR will not display whether the adviser can provide tax (financial) advice services. For more information, go to INFO 268.

Thought for the future: ChatGPT is a chatbot launched by OpenAI in November 2022. One of the key features of ChatGPT is its ability to generate human-like text responses to prompts. Frighteningly good — and free for those who want to test it — it has me deeply interested in its applications to reduce the ever-expanding risk and compliance burden in FS reg.

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