How many advisers are still yet to pass exam?

Data from the Australian Securities and Investments Commission has revealed there were 882 advisers who were still yet to pass the financial adviser exam at the end of 2021.

Answering questions on notice from Senator Susan McDonald, the regulator said data from the Australian Council for Educational Research (ACER) showed 882 advisers qualified for the extension as they had failed the exam twice.

Some 333 of those sat the exam in February, which had a pass rate of less than a third, with 108 passing.

Related News:

This left a total of 774 advisers who had to pass the exam in the May, July or November.

This figure was out of 17,563 advisers listed as ‘current’ on the Financial Adviser Register at the end of 2021, although this number had since fallen to 17,173. This included 130 advisers who had had their status changed to ‘ceased’ as a result of not having passed the exam by 1 January.

ASIC said it expected the number to fall further as the year went on and was conducting a review to ensure Australian Financial Services (AFS) licensees had made the required notifications to ASIC on the status of their advisers.

“Over 2022, ASIC expects that the number of financial advisers on the FAR will fall. This is because, by either 1 January, 2022 or 1 October, 2022 for advisers who qualified for the extension, all financial advisers who are ‘current’ on the FAR must have passed the exam.

“Any adviser who has not passed the exam by the relevant date must be ‘ceased’ on the FAR from that date.”

A second review would be conducted after 1 October, 2022 to identify any advisers who were eligible for the extension but had not completed the financial adviser exam. Any advisers who had not passed the exam by 1 October, 2022 would need to be shown as ‘ceased’ on FAR within 30 business days of 1 October, 2022.

Recommended for you




It must nearly be time for the regulators to mutate as they've nearly killed off all their hosts

15,600 of 17,173 current of the FAR have passed the exam.
So that's 1,573 still in doubt as to whether they will pass, should have already ceased or will need to cease by 30 September 2022.

That's ignoring another deadline: June 30. That's when the fees derived from platform get turned off if the appropriate documents haven't been signed by clients during the current transitional financial year. I hope I'm wrong, but I figure FASEA may not be the big story this year.

FASEA is not a mainstream story at all. Never was.

Hi Duke, yes very important point thank you. Im still getting the last few in but i'm out of here anyways, selling book and so on. Good luck to you all. One man/woman bands, it will get tougher for you.

I think if I was a one person band I would have run for the hills a long time ago. It would be very lonely.

Duke Nukem, just get your clients to sign the forms ?

We're on top of the process, but based on a few conversations we've had around the place many have only just started dealing with this in 2022. That's the scary part.

So every one has to pass? 882 failed once out of 17,563 advisers on the register. 5% failure rate at worse but seems like once those 882 get another crack the failure rate will be around 1%. Don't know what you're all complaining about..... seems like at the end of the day a few CBA executives got out jail, the FPA got some new members. you sat an exam and now you can call yourself "a professional" (what a joke that is) . Looks like a good outcome for all. WIN WIN. What a mockery this has all become.

Add new comment