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 consultation – Financial Planners & Advisers Code of Ethics 2019 – Standard 3

MEDIA RELEASE Pursuant to its obligations under section 921U(2)(b) the Corporations Act (2001), (the Act), FASEA in February 2019 made, via a legislative instrument, the Financial Planners & Advisers Code of Ethics 2019. (the Code)....

Over 16,850 pass the Financial Adviser Exam

MEDIA RELEASE FASEA today released exam results from the 14th Financial Advisers Exam held in September 2021. Result highlights include: Over 16,850 advisers have passed the adviser exams held to date. Of those who have passed: Over...

Financial Advisers raising education standards

MEDIA STATEMENT FASEA has today released a statement here highlighting strong progress by financial advisers in raising their education levels. Key highlights of the release include: 180% increase in FASEA approved university level course...

FASEA approves Courses offered by Victoria University

MEDIA RELEASE FASEA has today confirmed the approval of a new Graduate Diploma of Financial Planning offered by Victoria University.  Advisers who complete this course of study will meet the education standard. In addition, FASEA approves...

Over 16,000 pass the Financial Adviser Exam

MEDIA RELEASE FASEA today released exam results from the 13th Financial Advisers Exam held in July 2021. Result highlights include: Over 16,030 advisers have passed the adviser exams held to date. Of those who have passed: 14,070 are...

FASEA releases Corporations (Relevant Providers Exams Standard) (Amendment No. 1) Determination 2021

MEDIA RELEASE FASEA has registered the Corporations (Relevant Providers Exams Standard) (Amendment No. 1) Determination 2021 on the Federal Register of Legislation. The Determination was informed through 8 formal submissions during...

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.