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 2021.
  2. Complete an approved qualification by 1 January 2024.
  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 Higher Education Graduate Diplomas and Bridging Courses

MEDIA RELEASE The Standards Authority has today confirmed its approval of a first round of Graduate Diplomas and Bridging Courses from select Higher Education Providers as part of its education standard for financial advisers. FASEA’s...

FASEA opens Foreign Qualifications Assessment Service

MEDIA RELEASE 22 May 2019 To meet the education and training standards of the Corporations Act, financial advisers holding a foreign qualification are required to apply to FASEA for approval of their qualification. FASEA has today...

Advisers invited to register for FASEA exam

MEDIA RELEASE Registrations are open from today until May 31, 2019 for financial advisers (new entrants and existing) to notify their intention to sit the FASEA exam. “The opening of registrations for the exam is a significant...

Update: Graduate Diploma and Bridging Course Accreditation

MEDIA RELEASE FASEA advises that no approvals have yet been made in relation to the applications it has received from Higher Education Providers for the provision of Graduate Diplomas and Bridging Courses. Further, FASEA wishes to advise...

FASEA approves Securities Institute Australia 8 unit Diplomas for 2 credits RPL

MEDIA RELEASEFASEA advises that it has approved the following Securities Institute Australia 8 unit Diplomas for 2 credits recognition of prior learning:Securities Institute Education Diploma (Diploma of Financial Advising)Securities...

FASEA Welcomes New Directors

MEDIA RELEASE 11 April 2019 FASEA Welcomes New Directors The Financial Adviser Standards and Ethics Authority (FASEA) notes the Government’s announcement of the appointment of Elissa Freeman and Louise Lakomy to the Board effective 11...

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.