ASIC has revealed the results from the 22nd Financial Advisers Exam cycle in August, which has delivered the highest pass mark of the year so far.
There were 205 candidates who sat the exam of which 150 (73 per cent) passed.
This was higher than the pass mark of 63 per cent in the May exam and 67 per cent in the February exam.
In August, 72 per cent of the candidates were sitting the exam for the first time.
According to the corporate regulator, 20,718 individual candidates have sat the exam to date and more than 19,172 (92 per cent) of candidates who have sat the exam have passed.
The next exam sitting will be held on 9 November 2023 and enrolments towards this will open on Monday 2 October and close on Friday 20 October.
ASIC has also announced indicative dates for exam sittings in 2024 which are: 15 February, 16 May, 8 August and 7 November.
Earlier this year, ASIC made its first ban against an adviser for falsifying his exam results. In December 2021, Sydney-based Todd Karamian changed his financial adviser certificate from a fail result to a pass and sent the altered certificate to his licensee, Bluepoint Consulting.
Moreover, ASIC discovered that the adviser provided personal advice to 11 retail clients between 31 December 2021 to 9 September 2022 when he was not authorised to do so.
He was prevented from providing any advice, managing an entity that carries on a financial advice firm or performing any role in a financial advice business.
