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 Opening Statement – Senate Estimates Economics Legislation Committee

MEDIA RELEASE FASEA appeared at the Senate Estimates Economics Legislation Committee on the 27 October 2020.  FASEA's opening statement can be found hereThe Financial Adviser Standards and Ethics Authority Limited was established in 2017...

FASEA provides remote November Exam sitting option for financial advisers in Melbourne due to Covid-19 restrictions

MEDIA RELEASE Due to COVID-19 restrictions in place in Victoria and the continued closure of Melbourne metropolitan exam venues, FASEA advises that the Melbourne physical location exams are not able to be offered for the November sitting...

FASEA Consultation – Draft Financial Planners & Advisers Code of Ethics 2019 Guide

MEDIA RELEASE Following consultation with stakeholders in 2019 and early 2020, FASEA has today released the draft Financial Planners & Advisers Code of Ethics 2019 Guide for consultation. The draft guide provides an explanation of the...

FASEA releases August Exam Results

MEDIA RELEASE  FASEA today released exam results from the seventh Financial Advisers Exam held in August 2020. Result highlights include: the exam was held from 13 to 18 August in exam centres and online 82% of candidates passed the...

FASEA provides remote October Exam sitting option for financial advisers in Melbourne due to Covid-19 restrictions

MEDIA RELEASE Following the reimposition of Stage 4 stay at home restrictions for metropolitan Melbourne and the continued closure of exam venues, FASEA advises that Melbourne metropolitan physical location exams will not be offered for...

FASEA confirms dates and venues for 2021 Exam sittings

MEDIA RELEASE FASEA confirms that, subject to COVID-19 restrictions, it will run six Financial Adviser exam sittings in 2021 in 31 locations across metropolitan and regional Australia.  Alternatively, advisers may elect to sit the Exam...

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.