Advisers should ensure they are on the Financial Advisers Register before the end of the year, the Australian Securities and Investments Commission has warned.

Professional standards requirements take effect from January 1.

Only advisers authorised between January 1 2016 and next January 1 – who are not prohibited from providing advice – will be recognised as existing providers.

They will otherwise be treated as new entrants to the industry and will have to undertake an approved degree, an exam and a year of supervised work and training.