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 releases draft amendments to the Education Legislative Instrument

MEDIA RELEASE Since September 2020, FASEA has approved five current degrees, four bridging courses and one historic degree as recognition of prior learning. In announcing those approvals, FASEA noted they would be added to a future...

FASEA Consultation – relief from 3 month registration requirement for November 2021 Financial Advisers Exam

MEDIA RELEASE FASEA has today released Corporations (Relevant Providers Exam Standard) Determination 2019 Amendment for consultation. The draft amendment proposes relief from the 3 month registration requirement for November 2021 exam...

FASEA announces relief from 3 month registration requirement for November 2021 Financial Advisers Exam

MEDIA RELEASE FASEA today announces its decision to provide all financial advisers who have yet to pass the exam, the option to sit the November Exam irrespective of the timing of their last sitting. To give effect to this, the...

FASEA releases May Exam Results

MEDIA RELEASE FASEA today released exam results from the twelfth Financial Advisers Exam held May 2021. Result highlights include: Over 14,850 advisers have passed the adviser exams held to date representing 74% of advisers on ASIC’s...

FASEA Opening Statement Senate Estimates Economics Legislation Committee

MEDIA RELEASE FASEA appeared at the Senate Estimates Economics Legislation Committee on the 2 June 2021.  FASEA's opening statement can be found here.The Financial Adviser Standards and Ethics Authority Limited was established in 2017 to...

FASEA approves Degrees offered by Southern Cross University and Australian Institute of Management

MEDIA RELEASE FASEA has today confirmed the approval of the following degrees: Any bachelor with a major in Financial Services offered by Southern Cross University commencing March 2021. Graduate Diploma of Financial Planning offered by...

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.