Announcements

FASEA announces relief from 3 month registration requirement for November 2021 Financial Advisers Exam

Jul 8, 2021Media Releases

MEDIA RELEASE

FASEA today announces its decision to provide all financial advisers who have yet to pass the exam, the option to sit the November Exam irrespective of the timing of their last sitting.

To give effect to this, the Corporations (Relevant Providers Exam Standard) Determination 2019 will be amended to provide relief from the 3 month registration requirement. This amendment will provide financial advisers with two opportunities to sit the exam before the end of the current transition period (being either July and November sittings or September and November sittings).

This amendment will allow all candidates who have been unsuccessful at any prior sitting to sit the November exam which will be offered via Remote Proctoring and at exam venues, subject to COVID protocols.

FASEA will consult with stakeholders on this proposed amendment to the legislative instrument commencing 14 July 2021.

This amendment will also provide those impacted by the NSW lockdown with additional future exam options if required.  ACER will contact the impacted July candidates to provide alternative options for their July sitting.

Additional Background

Section 921B (3) of the Corporations Act 2001 requires advisers to pass an exam approved by the standards setting body. The Act requires existing advisers to pass the exam before 1 January 2022.

FASEA, with the support of the Exam administrator (ACER), has successfully offered 12 exam sittings to date on more than 60 exam days and 858 exam sessions. Since June 2019, exams have been offered in capital cities and in 23 regional locations across Australia (with the April and June 2020 exams being remote only exams due to COVID-19 restrictions).

To date over 14,850 advisers have passed the adviser exams held to date representing 74% of advisers on ASIC’s Financial Adviser Register (FAR).  Overall, 89% of advisers who have sat the exam have passed and 1,918 have been unsuccessful.  1,516 candidates have re-sat the exam with 65% passing at a re-sit.

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.