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.
Comments
The Liberals are just desperate to stave off more adviser exists till after the next election. That's all; they're still coming after us all. This delay is meaningless.
Neither the Lib/Nats, ALP/Greens, or the vast majority of voters are concerned about financial planners leaving the industry. It is not an election issue.
I wonder if the crooked course providers who control FASEA have twigged that the more people they let through the exam gateway, the more people they can force to purchase their courses.
Kaching, kaching $$$$ .... and more advisers that can have their time extended beyond 31 Dec 2021 if they've failed twice (to slow down the exit rate) ..... Kaching, Kaching $$$$$. Very, very smelly !!!
that's what those bastards are thinking. $kaching $kaching. because $kaching $kaching is better than !#Kaboom, !#kaboom. when no advisers are left, no mo $kaching for da me.
ha, I need advisers on my books. the fools at ASIC think it's advisers that are "fee for no service" it's the ASFL system that lets me game advisers and $kaching $kaching, terrify them terrorize them into being in my deala grup so I can keep getting them to pay a fee.
haha thanks, ASkick. numbnuts.
Pretty meaningless As they take 8 weeks to give exam results which is after the closing date to book for the exam
Agree, How long before anyone will pick up on that do you think?
Even if they fixed that issue, do you reckon anyone failing from the September sit would be ready to go again at another exam in November a few days after they got a fail result?
I wonder if this includes advisers who have already left the industry because they failed the exam previously?
(that will at least provide a few extra straws to grab at!!!)
I mean really? What a farce. What a thoroughly ordinary, reprehensible mob they are. Just crank up the pressure then all bets off at the end. Nothing short of a DAMNED DISGRACE!!!!
Too little, too late!! A number of industry participants had recommended this course of action to FASEA months ago, and yet FASEA sat on their backside, like they've sat on their backside since December 2020 (remember the Code of Ethics Guidance Consultation Pt2 anyone???) & yes we are still waiting on an answer for that one. If they'd removed the 3 month waiting period, Hume wouldn't have had to announce the FASEA exam extension for those that have failed twice (which annoyed a lot of advisers who'd got their act together to sit & pass the exam already). Just another case of bureaurocratic bungling.
Great idea. I hope all those doing the FASEA exam pass. Best of luck to you all.
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