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 additional historical and new degrees and bridging courses

Historical degree – University of Canberra FASEA has today confirmed its approval of the historical Graduate Diploma in Financial Planning for University of Canberra commenced between 1 January 2003 and 31 December 2005. Advisers who have...

FASEA approves additional Recognition of Prior Learning for FPA and CPA

The Standards Authority has approved additional applications for recognition of coursework undertaken to attain a professional designation from the Financial Planning Association (FPA) and the Certified Practicing Accountants (CPA)....

FASEA welcomes reappointment of directors

MEDIA RELEASE The Financial Adviser Standards and Ethics Authority (FASEA) notes the Government’s reappointment of Professor Mark Brimble and Dr. Simon Longstaff AO as part-time directors of FASEA for a further three-year period...

Guidance on CPD compliance arising from COVID-19 business disruption

MEDIA RELEASE The Financial Adviser Standards and Ethics Authority (FASEA) has received enquiries relating to operation of CPD requirements resulting from current COVID-19 business disruption. FASEA recognises the challenges presented by...

Adviser Exam Sittings: FASEA to cancel face to face April Exam and substitute with remote online options

MEDIA RELEASE The Financial Adviser Standards and Ethics Authority (FASEA) understands and appreciates the unprecedented nature of the COVID-19 global pandemic and its evolving impact in Australia on the business as usual routine of...

April 2020 Exam – ACER Advice on Coronavirus COVID-19

ACER takes the health and wellbeing of all the people we interact with seriously. Many of our tests bring together large groups of people and some candidates travel from overseas locations. These factors present potential risks following...

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.