Existing Adviser Requirements

Existing Adviser Definition

Financial advisers are an ‘existing adviser’ if they:

  1. have been ‘current’ on ASIC’s Financial Advisers Register (FAR) at any time between 1 January 2016 and 1 January 2019; and
  2. were not prohibited from providing advice on 1 January 2019 (either through a banning/disqualification/ enforceable undertaking); or
  3. at any time between 1 January 2016 and 1 January 2019, they provided personal advice in a foreign country to retail clients in relation to relevant financial products; and
  4. are not prohibited under the law of the foreign country from providing such advice on 1 January 2019.

If a person is an ‘existing adviser’, they will need to meet the following requirements:

  1. Pass the exam by 1 January 2022.
  2. Complete an approved qualification by 1 January 2026.
  3. From 1 January 2019, meet continuing professional development requirements.
  4. From 1 January 2020 comply with FASEA’s Code of Ethics.

Education Pathways

Education requirements

Continuing Professional Development

Annual CPD requirements
effective 1 January 2019

Code of Ethics

From Comply with the Code from 1 January 2020

Exam

One-off Exam requirement

FAQs

Existing adviser Frequently Asked Questions

FASEA approves Degrees offered by University of New South Wales and University of Tasmania

MEDIA RELEASE FASEA has today confirmed the approval of the following degrees: Bachelor of Commerce majoring in Financial Planning offered by the University of New South Wales from 1st Semester 2021. Graduate Diploma of Financial Planning...

FASEA releases November Exam Results

MEDIA RELEASE FASEA today released exam results from the ninth Financial Advisers Exam held in November 2020. Result highlights include: 11,241 advisers have passed the adviser exams held to date representing 52% of advisers on ASIC’s...

FASEA releases 2020 Amendment Legislative Instrument for Relevant Providers Degrees, Qualifications and Courses Standard

MEDIA RELEASE FASEA has registered the 2020 Amendment Legislative Instrument and Explanatory Statement for its Relevant Providers Degrees, Qualifications and Courses Standard on the Federal Register of Legislation. The Determination was...

FASEA Publishes List of Successful Adviser Exam Candidates

MEDIA RELEASE The Financial Adviser Exam has been held on 9 occasions with over 10,400 advisers passing. In recognition of their achievement, FASEA today publishes a list of successful candidates and will do so after each future exam. ...

Government proposal to simplify the regulatory framework applying to financial advisers

MEDIA RELEASE The government announced yesterday its intention to expand the operation of the Financial Services and Credit Panel (FSCP) within the Australian Securities and Investments Commission to encompass the functions of a single,...

FASEA releases October Exam Results

MEDIA RELEASE   FASEA today released exam results from the eighth Financial Advisers Exam held in October 2020. Result highlights include: over 10,460 advisers have passed the adviser exams held to date overall, 89.5% of advisers who...

The Financial Adviser Standards and Ethics Authority Limited was established in 2017 to set the education, training and ethical standards of financial advisers in Australia.

 

 

The Financial Adviser Standards and Ethics Authority Limited was established in 2017 to set the education, training and ethical standards of financial advisers in Australia.