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.”