Announcements

FASEA welcomes certainty around Exam and Education extension

Jun 17, 2020

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 pass the Exam.

Existing advisers now have until 1 January 2022 to pass the Exam and 1 January 2026 to meet the Education requirements.

“FASEA welcomes the certainty the extension of timeframes provides to existing advisers seeking to pass the Exam and meet the higher Education Standards. FASEA notes the strong performance of nearly 8,000 advisers who have sat the exam and received results to date, with a majority of 86% successfully passing”, FASEA CEO Stephen Glenfield said.

An additional 2,250 advisers sat the exam over five days commencing 11 June 2020 and will receive their results in July. In excess of 2200 advisers have registered to sit the upcoming August exam. Registration for the August exam remains open until 24 July 2020.

Mr Glenfield further noted, “It is encouraging that there are many advisers who have commenced their education requirements with nearly 3,000 advisers enrolled in bridging courses and over 6,500 individual bachelor or higher degree subjects being undertaken by existing advisers.  These are encouraging signs for both consumers and industry.”

FASEA has approved over 160 historic (dating back to 1996) and current degrees and bridging courses, and recognised 15 courses of study to attain professional designation (dating back to 1972).

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.