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.
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