Final day for adviser exam registration
Today (12 July) is the final day for candidates who need to pass by 1 October to register for the last sittings of the financial adviser exam.
This applied to those advisers who had been granted an extension period, having failed in two previous sittings last year.
If advisers failed at this sitting as well then they needed to cease providing personal advice to retail clients on relevant financial products from 1 October, 2022.
Exams would take place on Thursday 28 July- Monday 1 August and held in Adelaide, Brisbane, Canberra, Darwin, Hobart, Melbourne, Perth, Sydney, Townsville and with remote proctoring.
ASIC said: “If those advisers who are eligible for the extension do not pass the July 2022 sitting, they will need to stop providing personal advice from 1 October, 2022 and their Australian financial services licensee will need to revoke their authorisation to provide personal advice on or before 30 September 2022 for the adviser to retain their status as an existing provider.
“Financial advisers who lose their status as an existing provider will be treated as a new financial adviser. New financial advisers must meet additional education requirements, including completing the professional year, before they can be re-authorised to provide personal advice.”
The last exam, which was held in May, had a pass rate of 42.7% with 496 advisers sitting the exam and 212 of them passing. This was an improvement on the previous sitting in February when only 32% passed.
To register, click here.
AUTHOR
Laura Dew
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
