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 releases draft Relevant Providers Degrees, Qualifications and Courses Standard 2019 Legislative Instrument

MEDIA RELEASE FASEA has today released draft Relevant Providers Degrees, Qualifications and Courses Standard 2019 Legislative Instrument (the 2019 determination) and Explanatory Statement for consultation. The draft 2019 determination...

FASEA releases September Exam Results

FASEA today released exam results from the second Financial Adviser Exam held in September 2019.  Result highlights include: the exam was held in 8 metropolitan and 7 regional centres across Australia from 19 September to 23 September...

Update to Code of Ethics Guidance Release

Consultation Period Further to the recent (18 October 2019) release of FG002 Guidance to the Code of Ethics, the Financial Adviser Standards and Ethics Authority wishes to confirm the first consultation with designated representatives of...

FASEA Releases Code of Ethics Guidance

MEDIA RELEASE In 2017 the Commonwealth Parliament amended the Corporations Act 2001 (“the Act”) to raise the education, training and ethical standards of licensed financial advisers in Australia. Under the Act, FASEA was declared the...

Update from FASEA on the Financial Adviser Examination

MEDIA RELEASE FASEA continues to work closely with ACER to ensure exam processes are streamlined, accessible and effective and exam sitting opportunities are optimised. FASEA September Exam The September exam was held in 15 centres across...

FASEA releases additional practice questions

FASEA has released additional practice questions to help advisers prepare for the Exam (link). A revised candidate video, providing visibility of exam day registration process and the exam environment is also available (link). For those...

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.