Financial Advisers Register (FAR): Who Qualifies and What You Get
Understand how the Financial Advisers Register works to verify your professional credentials and authorization status for retail clients.
The Financial Advisers Register (FAR) is a public database used to verify the credentials and authorization status of professionals who provide personal financial advice to retail clients.
Who it's for
This scheme is intended for all individuals who are providing personal financial advice to retail clients. It serves as a central point of reference to ensure that those offering financial guidance are properly recognized and authorized to do so within the industry.
What you get
The primary benefit of being listed is public verification. When you are on the register, your professional credentials and your authorization status are made available for public view. This provides a layer of transparency, allowing clients and other industry participants to confirm that you are legally permitted to provide the advice you offer.
What it costs you
There is no direct cost to the individual adviser to be listed or to maintain their status on the register. However, it is important to understand that the administrative responsibility lies with your licensee. Any necessary updates to your information must be filed through your licensee rather than you managing the filing directly.
The catch to know
The most significant thing to keep in mind is how this affects your reputation. Clients frequently use the register to perform their own due diligence on the people they hire for financial guidance. If your details on the register are outdated or incorrect, it can reflect poorly on your professionalism and may cause clients to question your attention to detail.
How to apply
- Work with your licensee to ensure your information is correctly submitted.
- Monitor the register to ensure your details remain accurate.
- Coordinate with your licensee to file any required updates promptly.
- Use the official portal to verify your current status.