ASIC has clarified why the cost of sitting the financial adviser exam has increased from $573 in 2020 to $1,500.
When the financial adviser exam was run in 2020 under the Financial Adviser Standards and Ethics Authority (FASEA), the cost was $540 plus GST.
When it was taken over by the Australian Securities and Investments Commission (ASIC), the cost increased to $973.
If an adviser wanted an answer re-marked, this would cost $218. Advisers also needed to be registered as a relevant provider and pay a $95 fee.
However, for the 2023 exam dates, the costs had risen yet again to $1,500 per exam sitting.
This was despite the exam moving to an online-only format this year compared to in-person ones.
A spokesperson for ASIC told Money Management the costs of the exam were set by the Government and had risen as a result of the Corporations (Fees) Amendment (Exam Fees) Regulations 2022 in late 2022.
The next exam would be held on 16 February and bookings were open until 30 January.
Monopolistic arrogance and ‘fee for no service’ right there. Shameful that a govt clerical department can get away with riding rough-shot over advisers just trying to do their job for their clients. Just get bloody govt in all its forms OUT OF THE DAMN WAY!
Since giving advisers an exemption to having degree, if they have been in the industry for 10 years, I don’t see what the benefit of the Adviser exam was?? It won’t help any client.
So what has been the benefit of the Adviser exam??
Laura, if you are asking a question, perhaps Incompetence or Corruption accounts for the price rise? Suggest you consider becoming a Journalist and find out – or perhaps not?
Why don’t you just say You don’t want any old advisers
Price gouging at its worst. That’s all ASIC is good at, extortionate fees for everything and no service.