The Government has granted a limited one-time extension to advisers who have failed the Financial Adviser Standards and Ethics Authority (FASEA) exam at least twice to sit it next year.
A statement from Minister for Superannuation, Financial Services and the Digital Economy, Jane Hume, said there would be limited exemptions available.
These would apply to those who had made previous exam attempts but failed at those.
“For those who have made two genuine attempts to pass the FASEA exam, and were unable, there will be a one-time, limited extension into next year. There will be at least one further opportunity to pass the exam offered in 2022 for those who qualify for the exemption. Costs, and timings for the 2022 period have yet to be confirmed,” she said.
“If advisers have not sat the exam twice prior to the end of this year, no extension will be granted. Please do not delay- these exemptions will be very limited.”
There were only three more exam sittings taking place in 2021, July, September and November.
Comments
As a potential client, I don't feel comfortable with the possibility of receiving advice from someone who failed this exam multiple times and received special extensions because of it... Seems like those advisers don't know their stuff and should be restricted from giving advice until they can pass this exam?
Rest easy old boy. The exam has nothing to do with your advisers competence/knowledge or ability to give you great advice.
Then dont - more clients out there than Advisers Jack.
I passed on first attempt. Had nothing to do with being a good adviser, had no technical content that's relevant to a clients' circumstances. Mostly regulatory crap. Suggested reading, an act of parliament!! This NEVER made anyone better.
It's a farce by FARSEA.
Why keep flogging this dead horse? We've now had over 2 years to pass this thing, multiple tries if necessary. If I found out my GP failed multiple times and had to get extensions, I'd change doctors.
"If I found out my GP failed multiple times and had to get extensions...."
Sleep well Duke, you will never ever know.
LOL
We've known this deadline for a long time, as it's gotten closer those that haven't passed / or sat the exam have had assistance the previous advisers didn't receive and now if they still can't pass they are being offered additional attempts. If we're going to imposed these deadlines we need to stick to them, no matter the outcome. I agree I wouldn't want someone who has failed previously as my adviser.
No one is asking you to seek advise Anon - so don't.
Relax Anon. Nothing to do with competency. It is a contrived examination on whether your adviser should be obligated to wipe your backside if you forget to.
So does this mean the adviser is able to still advise clients between 1/1/22 and the 2022 resit date?
Really not impressed. Those of us that have passed have pushed hard to do so only to have those who have not, be given another chance after being given an extension to the end of 2021 already. This will not help with the image of the industry at all. Lets just wait and see what happens when the main stream media pick up on this one!!!
Who even asked for this? The vast majority of advisers and the major associations certainly didn't.
Hume ignores extensive lobbying on numerous major issues impacting consumers' ability to access professional affordable advice, yet seems all too willing to deliver something that's only wanted by a small minority of the worst advisers?
Those same associations also didn't fight for advisers against the intro of the joke that is FASEA.
The Stockbrokers have been lobbying for this.
You can thank them.
What a terrific idea. Fail twice and you get an extension!
Jealous much fella's ??? Like a bunch of disgruntled school girls. !
There are plenty of reasons people may not have attempted the exam yet.
We don't need to be turning on our own now. Any change in government changes that assist should be applauded or we simply wont get anything else of real value through.
I would think the major majority have had a least one go at it. As someone said its got nothing to do with giving excellent advice. We should not be doing it at all in my opinion !but it is what it is !
Totally agreee! This selfishness is why our "profession" is in this position. For those who have passed shut up and move on. For those who haven't I wish you all the best in this exam that none of us should have been forced to do to keep our livelihoods.
There are NO reasons why "people" (being ASIC registered Advisers) should not have attempted the exam yet - 2 years after it begun.
This exception will make little difference to the ultimate reality.
You have to have failed twice by 31/12/21 to get this extension. What a proud group to be in. Little chance that group will pass subsequently in 2022 .
So we reward mediocrity. 2.5 years to pass a simple exam with multiple attempts is not enough. I would like to see every adviser have to disclose to every client they meet exactly how many attempts they took to pass the exam.
Understand a failed first attempt might have been stage fright or unfamiliarity with online exams but to fail twice or three times brings into question ones own ethics. Had plenty of time now to get it done so an extension only casts a further Shadow on our attempt to be regarded as professional s.
As i said Jealous little school girls ? And acting like it.
This is damage control by the Government, otherwise the adviser numbers would drop by over 1,000 straight away and that headline would cause a stir - that's why the exemption's been granted - it's nothing to do with the welfare of advisers.
Bang on Bozo
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