Laura, can you please do a feature on why so many advisers have failed the exam (since its inception). I did the very first one (and passed). I'm not sure if the question set has evolved since then but it was largely an analysis of ethical biases with some questions testing knowledge of regulatory matters. Have the candidates that have not got through (and I know of advisers that have failed multiple times) failed on their basic understanding of ethical considerations (I appreciate that you're either ethical or you're not and passing a course in ethics does not make one ethical in nature) or is it a fundamental ignorance of the regulatory settings, or is it just some people are hopeless in an exam setting and freeze up? ASIC have probably already made up their minds on it but it would be good for the industry to know.