The Australian Securities and Investments Commission (ASIC) has amended its record-keeping obligations to ensure advice licensees can adequately monitor and supervise authorised representatives (AR).

The changes require ARs to keep records, provide access to records and to hand them over to licensees on request for compliance purposes.

ASIC Deputy Chairman Peter Kell says the changes clarify that the “ultimate responsibility” for advice rests with licensees.

“Consumers should have trust and confidence that advice licensees have access to their representatives’ records, so they can monitor the advice given by their representatives and remediate consumers if something goes wrong,” he said.

ASIC has given advice licensees until April to change their systems to meet the obligations under Class Order 14/923.