Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

ASIC confirms exam pathways for career breaks and secondments

ASIC/FASEA/financial-adviser/

22 September 2021
| By Jassmyn |
image
image image
expand image

The corporate regulator has confirmed that financial advisers who are considered existing providers but are not a relevant provider by 1 January, 2021, will not be considered new entrants when they decide to return to being an adviser.

The Australian Securities and Investments Commission (ASIC) has published an FAQ on timeframes for passing the Financial Adviser Standards and Ethics (FASEA) exam which gave two examples that could allow this scenario if they had not attempted the exam twice and thus be permitted to use the exam extension to 30 September, 2022.

ASIC said an existing provider taking a career break by 31 December, 2021, and thus not being a relevant provider did not have to pass the exam by 1 January, 2022, to retain their ‘existing provider’ status. But when they returned from their break, they needed to pass the exam before they could be authorised as a relevant provider.

Another scenario would be an adviser moving into a different role within their organisation.

ASIC said a relevant provider who moved to another team in their organisation by 31 December, 2021, would still be considered an ‘existing provider’ but not a ‘relevant provider’ and did not need to pass the exam before 1 January, 2022.

However, when they returned to their role as an advisers they would need to pass the exam before they could be authorised as a relevant provider again.

Source: ASIC

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

4 days 3 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

4 weeks 1 day ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

6 days 21 hours ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

2 weeks 1 day ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

1 week 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND