ASIC says it is “well advanced” in developing a public register of financial advisers.

The register – due to be launched on ASIC’s MoneySmart website on March 31 – has attracted criticism from the Financial Planning Association because the regulator will not actively monitor it, instead placing the onus on consumers to ensure information provided is correct.

ASIC has responded by warning that fines of up to $76,500 will apply to individuals or their employers who publish misleading information on the register.

It says it is working with licensees and authorised representatives to ensure they provide the required information.

The register will contain details of all people employed or authorised by Australian financial services licensees to provide personal financial advice on Tier 1 (investment) products excluding general insurance and consumer credit insurance.

Licensees can sign up for regular email updates about the register at www.asic.gov.au/far and can send questions about the register to far@asic.gov.au.

The Federal Government announced plans for the register in October last year.