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 Opening Statement – House of Representatives Standing Committee on Economics

MEDIA RELEASE FASEA appeared at the House of Representatives Standing Committee on Economics on the 30 June 2020.  FASEA's opening statement can be found here.The Financial Adviser Standards and Ethics Authority Limited was established in...

FASEA Consultation – three month Continuing Professional Development relief

FASEA has today released Corporations (Relevant Providers Continuing Professional Development Standard) Determination (Amendment) 2020 for consultation. FASEA recognises the challenges Covid-19 business disruption presents advisers and...

Three month CPD relief for advisers in recognition of COVID-19 business disruption

MEDIA RELEASE The Financial Adviser Standards and Ethics Authority (FASEA) has received enquiries and requests for relief relating to compliance with CPD requirements due to COVID-19 business disruption. FASEA recognises the challenges...

FASEA confirms remaining Exam sitting dates for 2020 and adviser participation rates

FASEA confirms the remaining 2020 sittings for the Adviser Exam will be held over 5 days in each of August, October and November. The Exam is scheduled to be offered across 327 separate sessions in those months.  Advisers will have a...

FASEA welcomes certainty around Exam and Education extension

MEDIA RELEASE FASEA confirms that the Senate has today passed the Bill to amend the Corporations Act to extend transitional timeframes for existing advisers to comply with Corporations Act (2001) Education and training standards and to...

FASEA approves University of Adelaide Historical Graduate Diploma in Global Wealth Management

FASEA has today confirmed its approval of the historical Graduate Diploma in Global Wealth Management for University of Adelaide offered between 1 January 2006 and 31 December 2011. Advisers who have completed this course of study are...

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.