The Financial Adviser Standards and Ethics Authority reports that 52 per cent of advisers registered on ASIC’s registry have now passed the adviser exam, leaving almost half the industry in danger of being unable to continue to practice if the qualification isn’t attained by the end of 2021.
According to a release from FASEA on December 22, 11, 241 advisers have now passed the exam, with almost 9 out of ten (89.5per cent) of sitters passing.
The latest round of exam sitters were less successful according to FASEA, with only 80 per cent of first time sitters passing as opposed to a an average of 85.8 per cent across all exams.
“FASEA congratulates successful candidates on completing an important component of their education requirements under the Corporations Act,” FASEA CEO Stephen Glenfield said in a statement.
There are now six exam sittings left available to advisers before the cut-off date, which are available in both physical locations (subject to Covid protocols) and online.
“To maximise the number of potential sittings an adviser may have in 2021, FASEA encourages advisers to book for early sittings (in 2021),” the Authority stated.
FASEA encouraged advisers who haven’t yet passed the exam to sit either the January or March exams. Given the mandated three month wait period advisers must adhere to between exam sittings, this would give them a maximum of three possible sittings before the cut-off.
Over 1,300 advisers had signed up to the January exam as at December 20.