Some brokers may find themselves on the new Australian Securities and Investments Commission (ASIC) register of financial advisers.

Finance Minister Mathias Cormann has announced the register will be on ASIC’s website by March and will include advisers’ names, business names, registration numbers, employment details and experience.

It will also include qualifications and membership of professional associations, plus the products included in advisers’ licences.

insuranceNEWS.com.au understands the register will feature all advisers authorised to give advice on Tier 1 products, which will include some insurance brokers.

Brokers giving advice on Tier 2 products, including general insurance, will not be registered.

However, insuranceNEWS.com.au has been told brokers advising on personal sickness and accident insurance will feature on the register.

Advisers’ entries will include bans, disqualifications or enforceable undertakings from ASIC.

“Our goal remains to ensure that we have a robust but efficient financial services regulatory system,” Senator Cormann said.

“The Government will continue to work with the industry working group and all other interested stakeholders on efficient and effective ways to keep lifting professional, ethical and educational standards across the financial advice industry.”

The register will cost $5 million. The Government intends to cover this by raising the ASIC lodgement fee by $5 to $44.

“The Government believes cost recovery is an appropriate method to finance this important transparency reform,” Senator Cormann said.