Final day for adviser exam registration
Today (12 July) is the final day for candidates who need to pass by 1 October to register for the last sittings of the financial adviser exam.
This applied to those advisers who had been granted an extension period, having failed in two previous sittings last year.
If advisers failed at this sitting as well then they needed to cease providing personal advice to retail clients on relevant financial products from 1 October, 2022.
Exams would take place on Thursday 28 July- Monday 1 August and held in Adelaide, Brisbane, Canberra, Darwin, Hobart, Melbourne, Perth, Sydney, Townsville and with remote proctoring.
ASIC said: “If those advisers who are eligible for the extension do not pass the July 2022 sitting, they will need to stop providing personal advice from 1 October, 2022 and their Australian financial services licensee will need to revoke their authorisation to provide personal advice on or before 30 September 2022 for the adviser to retain their status as an existing provider.
“Financial advisers who lose their status as an existing provider will be treated as a new financial adviser. New financial advisers must meet additional education requirements, including completing the professional year, before they can be re-authorised to provide personal advice.”
The last exam, which was held in May, had a pass rate of 42.7% with 496 advisers sitting the exam and 212 of them passing. This was an improvement on the previous sitting in February when only 32% passed.
To register, click here.
AUTHOR
Laura Dew
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
