The Government has granted a limited one-time extension to advisers who have failed the Financial Adviser Standards and Ethics Authority (FASEA) exam at least twice to sit it next year.
A statement from Minister for Superannuation, Financial Services and the Digital Economy, Jane Hume, said there would be limited exemptions available.
These would apply to those who had made previous exam attempts but failed at those.
“For those who have made two genuine attempts to pass the FASEA exam, and were unable, there will be a one-time, limited extension into next year. There will be at least one further opportunity to pass the exam offered in 2022 for those who qualify for the exemption. Costs, and timings for the 2022 period have yet to be confirmed,” she said.
“If advisers have not sat the exam twice prior to the end of this year, no extension will be granted. Please do not delay- these exemptions will be very limited.”
There were only three more exam sittings taking place in 2021, July, September and November.