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

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...

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...

Director Resignation – Mr Matthew Rowe

The Financial Adviser Standards and Ethics Authority confirms the resignation of Matthew Rowe as a Director of the Standards Authority, effective August 14, 2019. Mr. Rowe is the current CEO and Managing Director of an ASX-listed entity,...

FASEA approves education credits for FPA coursework to attain a Professional Designation

MEDIA RELEASE The Standards Authority has approved an application for the recognition of coursework to attain a professional designation from the Financial Planning Association (FPA) as part of its education standards for financial...

FASEA Accreditation Progress Update

As part of its legislative remit, FASEA has reviewed and assessed applications from Higher Education Providers and Professional Associations for approval of Bachelor or higher degrees or equivalent qualifications that relevant providers...

FASEA approves education credits for CIMA and CFA coursework to attain a Professional Designation

MEDIA RELEASE The Standards Authority has approved applications for the recognition of coursework to attain a professional designation from the Portfolio Construction Forum and CFA Societies Australia as part of its education standards...

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.