The Financial Adviser Standards and Ethics Authority (FASEA) announced its decision to provide all financial advisers who had yet to pass the exam the option to sit the November Exam irrespective of the timing of their last sitting.
It is a walk-back from FASEA, which previously said it had no intention on changing the rule.
The Corporations (Relevant Providers Exam Standard) Determination 2019 would be amended to provide relief from the three-month registration requirement.
FASEA would consult with stakeholders on this proposed amendment to the legislative instrument commencing 14 July, 2021.
This amendment would provide financial advisers with two opportunities to sit the exam before the end of the current transition period – either July and November sittings or September and November sittings.
This amendment would allow all candidates who had been unsuccessful at any prior sitting to sit the November exam which would be offered via remote proctoring and at exam venues, subject to COVID-19 protocols, which included the Sydney exam which was due to be re-assessed.
This amendment would also provide those impacted by the NSW lockdown with additional future exam options if required.
ACER would contact the impacted July candidates to provide alternative options for their July sitting.