Half of advisers pass final FASEA exam
Just 52% of all candidates passed the November Financial Adviser Standards and Ethics Authority (FASEA) exam, the last before the 1 January, 2022, deadline.
This was the lowest pass rate of all exams.
Only 63% of candidates sitting the exam for the first time passed the November exam which compared with an average of 75% across all exams.
To date, 3,197 unsuccessful candidates had re-sat the exam with 66% passing at a re-sit.
Over 17,950 had now passed the exam with a 91% overall pass rate, with over 15,500 recorded as active financial advisers on ASIC Financial Adviser Register (FAR), which represented 82%.
Over 1,980 were ceased advisers on the FAR and could be re-authorised, while over 430 were new entrants and could be authorised as a provisional financial adviser.
There were 2,129 advisers that sat the November exam compared with an average of 1,500 across all exams
About 65% of candidates resat the exam compared to an average of 18% across all exams and over 19,775 advisers had sat the exam.
It was the final FASEA exam before the handover to the Australian Securities and Investments Commission (ASIC) in 2022.
AUTHOR
Chris Dastoor
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