Treasury has published draft requirements for the new financial adviser register, to be administered by the Australian Securities and Investments Commission.

The register will cover all individuals who “provide personal advice on more complex products to retail clients under a financial services licence”.

This includes licensees’ authorised representatives.

From next March, the register will include each adviser’s name, registration number, status, and experience, plus licensee, previous licensees/authorised representatives and business name.

It will show what product areas they can advise on, as well as any bans, disqualifications or enforceable undertakings, and details on ownership of the financial services licensee and ultimate parent company.

The draft legislation does not require advisers to include their qualifications or membership of professional associations.

A spokesman for Finance Minister Mathias Cormann told insuranceNEWS.com.au it is expected this information will be included when the register is launched.

“As we progress relevant improvements, in particular to educational standards, those improvements will immediately be reflected as appropriate within the structure and operation of the financial adviser register.”

The proposed legislation requires licensees and advisers to update their information on the register within 30 business days. Failure to comply will result in an $8500 fine.

Submissions on the proposed register close on December 17.