5 has been the most FASEA exam sittings
The most times an adviser sat the Financial Adviser Standards and Ethics Authority (FASEA) exam is five, which eventually saw them passing.
There were still 1,437 advisers who had attempted the exam, but were yet to pass.
The final exam for 2021 would be held between 4 November to 9 November, and results would be received approximately before Christmas.
Speaking at Senate Estimates, Stephen Glenfield, FASEA chief executive, was asked what advisers who received a fail result in that exam would do: would they be given time to sell their business and find alternative employment or would they be required to sell their business between Christmas and New Years.
“We tried to run the exams as long as we possibly can in the year to give people the opportunity to sit,” Glenfield said.
“If you don’t pass, come 1 January, 2022, you do come off the Financial Adviser Register (FAR), which means you can’t give advice.
“You do have an option under the Corporations Act to come back and sit the exam in 2022 and if you pass you can come back onto the FAR.
“You can’t give advice during the period you’re off [the FAR], so the question would be can you wait a period to try and sit again or do you not think you can pass and will you need to move your business on.”
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.