FASEA 3-month rule consultation released


The Financial Adviser Standards and Ethics Authority (FASEA) has opened consultation regarding the three-month registration requirement for the November exam.
Consultation for the Corporations (Relevant Providers Exam Standard) Determination 2019 Amendment would close on 28 July, 2021, which FASEA last week announced it would pursue.
The relief would allow all candidates who had been unsuccessful at any prior sitting to sit the November exam.
Stephen Glenfield, FASEA chief executive, said: “This amendment aims to provide existing advisers with an additional opportunity to meet the transition requirements of the Corporations Act. FASEA welcomes stakeholder feedback on this proposed amendment”.
Those who sat the September exam would be given their result before registration for the November exam closed.
Advisers who had been unsuccessful with the exam twice would have the chance until September 2022 to sit the exam.
Recommended for you
ASIC has banned a Queensland adviser from providing financial services for five years after failing to provide appropriate advice that was in the best interest of his clients.
Minister for Financial Services, Stephen Jones, has said it is not a “backdoor attempt” by the government to allow the new class of adviser to provide full advice.
The financial advice industry has seen a net loss after 10 consecutive weeks of net growth in adviser numbers, according to Wealth Data.
Only 11 per cent of financial advice practices have said they are including crypto products on their approved products lists, according to CoreData.