There will be most likely four financial adviser exam sittings next year, Australian Securities and Investments Commission (ASIC) commissioner, Danielle Press, said during a Parliamentary hearing last week.
Senator Bert van Manen, asked the corporate regulator on its expanded responsibilities it would take on from 1 January, 2022, following the transition of the Financial Adviser Standards and Ethics Authority (FASEA) exam to ASIC and the entity to Treasury.
With regards to ensuring a smooth transition, Press said there was a lot of work being done and ASIC was working closely with the Treasury.
“I think it is really important to recognise that we will not be responsible for the code of ethics as that will be the responsibility of Treasury,” Press said.
With respect to the exam, the commissioner assured that ASIC was working with the Australian Council for Educational Research (ACER) for a new contract.
“Once the contract is signed, which is likely to be in the next week or the week after, we will be putting it out to the industry firstly how many exams there will be,” she said.
“We are looking at probably four exam sittings in 2022 and for those people who qualify for the extension through 30 September to pass the exam [there] will be three opportunities to do so before September 2022.”
Comments
Doesn't Ms Press love to point out the things ASIC doesn't do. Begs the question what do they do?
This is a joke on all the advisers who worked their arses off to finish the exam in the original time frame not to even mention the initial extension to this December.
It makes our industry look like a joke.
I see your point and understand your angst, and like you sat early and passed first time, but while part of me is irked I still would rather extend a chance for more planners to stay in our profession than a blanket arbitrary cut off date dreamed up by clueless bureaucrats for an exam I am still seething that we were forced to undertake.
ASIC is corrupt and the agenda they have been pushing since the GFC, heavily influenced by Labor and the union industry funds to force us into extinction needs to be what we fight against, not each other.
Well said!
It wont be the education or exam requirements that put an end to me in the profession. I've done and passed all of it. It will be the endless need for signatures and other over-regulation. I suspect when the Libs lose the next election due to their bungling incompetence and duplicitous nature, Labor will make life even harder for advisers. In which case the next election outcome will likely spell the end for me as an adviser. i have no intention in hanging around to let an emboldened, socialist leaning ASIC destroy my business value.
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