ASIC to implement adviser exam changes

24 January 2024
| By Jasmine Siljic |
image
image
expand image

ASIC has confirmed it is incorporating legislative amendments to the financial adviser exam, with the March exam set to reflect the changes.

On 14 December 2023, the government first announced draft legislation to amend the adviser exam, including: 

  • Removing the short answer questions from the exam and increasing the number of multiple choice questions.
  • Removing the requirement limiting exam participation to new financial advisers who have completed an approved degree and existing providers.

ASIC is now incorporating the approved changes for the administration of the adviser exam that were registered on 18 January 2024.

The changes will be reflected in the next exam to be held on 26 March 2024, which was pushed back from 15 February to allow sufficient time to implement the required changes.

“All candidates will be held to the same standard as for previous exams,” ASIC stated.

Following the December announcement, Professional Year (PY) candidates are largely expectant of a decrease in the cost to sit the exam if greater efficiencies are generated from computer marking.

The Financial Advice Association Australia (FAAA) also joined the collective push for a reduced fee earlier this month.

“This method of assessment is also cheaper to run, and we would expect to see a reduction in the cost of the exam as a result. The cost is now $1,500 per attempt, almost three times higher than it was when the exam was first introduced in 2019,” said Sarah Abood, FAAA chief executive.

Moreover, the Stockbrokers and Investment Advisers Association recently lobbied for additional recommendations to improve the exam.

This includes allowing candidates to sit the exam at any time rather than being bound by an exam timetable, adding a broader range of scenarios in the test and encouraging more tailored feedback to be given to unsuccessful candidates.

Read more about:

AUTHOR

Submitted by Chris Cornish on Wed, 2024-01-24 12:11

All part of the plan to make it easier for people to become authorised salespeople for the product providers. Stephen Jones and the ALP continue dancing to the tune of their political donors.

Submitted by W B on Wed, 2024-01-24 16:52

Nice to see ASIC finally get ribbed for the RORTING they've done to the advisers who put up with their Exam Fee GOUGING the last 12 months.
ASIC have been utterly disgraceful in the way they've managed this from Jan 2022. I walked away from being a Personal Advice adviser of 15 years when I saw the Jan 2022 exam results show an initial failure rate of 94% and they increased the original fee of just under $600 go to just under $1,000. I was not succumbing to such abhorrent behaviour and blatant gouging. Glad I did too with zero regrets. I wouldn't go back to personal/full advice even if they sent me a complementary exam pass now.
Good luck to those unfortunate advisers still dealing with ASIC's horrendous conduct.

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 6 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 day 4 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 4 days ago