Less than a third of advisers pass Feb exam
The percentage of advisers who passed February’s exam, the first one run by the Australian Securities and Investments Commission (ASIC), has fallen to 32.4%.
Some 333 advisers sat the exam and 32.4% passed (108 candidates).
Almost three-quarters of candidates were re-sitting the exam for at least the second time. This compared to 52% of candidates passing in the November exam, which was the lowest pass rate of all exams run by the Financial Adviser Standards and Ethics Authority (FASEA).
Since the exam was introduced, almost 20,000 advisers had sat the exam and 91% of them had passed.
Over 15,600 were recorded as current financial advisers on ASIC’s Financial Adviser Register (FAR), representing 90% of current advisers on the FAR.
Over 2,260 were ceased advisers on the Financial Adviser Register (FAR) and may be re-authorised in the future while over 480 were new to the industry.
ASIC said candidates would receive feedback from Australian Council for Educational Research (ACER) if they had been unsuccessful.
The next exam sitting would be held on 12-16 May and enrolments would open on 4 April.
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.