ASIC waits on ACER contract for adviser exam
An announcement on the financial adviser exam dates in 2022 is imminent but the corporate regulator is currently not in a position to publish that information.
During a Parliamentary hearing, the Australian Securities and Investments Commission (ASIC) was asked by Nationals senator, Susan McDonald, when it would announce its plans for the exam in 2022 after the Financial Adviser Standards and Ethics Authority (FASEA) function had moved to ASIC.
ASIC commissioner, Danielle Press, said an announcement from the regulator was imminent.
“We are working with ACER [Australian Council for Educational Research] to get a new contract in place and until that contract is in place, we won't be able to tell you what the dates are going to be,” she said.
“But we do know that it's important for advisers to have those dates and we will be putting them out as soon as we can.”
ASIC chair, Joe Longo, said the regulator could not currently say when it would be making the regulations that were connected to the Better Advice bill that had recently been released.
“We are putting a lot of work into getting ready to assume our new role, or expanded role, that begins in January,” he said.
Recommended for you
A group of 31 victims of Melissa Caddick have agreed to an in-principle settlement with the auditors engaged to conduct annual audits of their SMSFs.
Administrator Deloitte has shared how much Shield Master Fund investors could receive in estimated returns if the scheme is successfully wound up.
Candidates waiting until they feel confident to sit the exam has helped the pass mark for the financial advice exam reach the highest since ASIC took over its administration.
The development of a new advice document presents a “blank canvas” for advisers to create a suitable document replacing statements of advice, says Adviser Ratings.
