Why has the adviser exam fee jumped to $1,500?

ASIC exam FASEA costs

13 January 2023
| By Laura Dew |
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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.

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Submitted by LA on Fri, 2023-01-13 09:09

Price gouging at its worst. That's all ASIC is good at, extortionate fees for everything and no service.

Submitted by Ken on Fri, 2023-01-13 10:37

Why don’t you just say You don’t want any old advisers

Submitted by Funny on Fri, 2023-01-13 11:11

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?

Submitted by Anon on Mon, 2023-01-16 15:13

So what has been the benefit of the Adviser exam??

Submitted by Anon on Mon, 2023-01-16 15:15

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.

Submitted by Suqeaky'21 on Wed, 2023-02-01 18:22

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!

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