Australian Securities and Investments Commission (ASIC) chair, Joe Longo, has told advisers there is little the corporate regulator can do to improve the financial adviser exam, despite negative feedback from candidates.
Speaking at the Stockbrokers and Investment Advisers Association (SIAA) conference in Sydney, Longo was asked by SIAA chief executive, Judith Fox, about how the exam was “not fit for purpose”.
Longo said he was aware of the problems that had been raised by the industry but had no power to change it.
“There is not a lot ASIC can do, we just administer it," Longo said.
“People believe it is not fit for purpose but this is a matter for Government.
“We took responsibility from the 1 January but it has its own arrangements and requirements, we have no say in the content or the structure of the exam or power to modify the impact or effect it has had on advisers.”
SIAA and other industry organisations had previously stated that problems with the exam included unclear questions, lack of feedback and a lack of specialisations meaning advisers had to revise parts that were unrelated to their job.
Fox said the organisation would keep advocating on behalf of its members for changes to the exam.