Over 16,850 authorised representatives have now passed the Financial Adviser Standards and Ethics Authority’s adviser exam, with one final exam being offered before the provisional cut-off date at the end of the year.
While 88.5 per cent of advisers who have sat the exam have passed, the pass rate has declined with each of the later sittings. Only 61 per cent of candidate passed the September exams, FASEA advised.
Existing advisers who have sat the adviser exam at least twice before the new year have until October 2022 to pass the exam.
The gap between the number of advisers who have passed the exam and the number of advisers registered with ASIC has narrowed to about 2,000. According to FASEA there are over 1,500 advisers booked for the final 2021 exam in November.
With only the November sitting to go before FASEA is disbanded – a decision cemented by last week’s passing of the Better Advice Bill – advisers utilising the extension to undertake exams in 2022 will do so under the administration of ASIC, who will take over the role from FASEA.
Treasury will handle the rest of the education mandate settings.
The November sitting will be the 15th that FASEA has conducted. Over 70 exam days and 980 exam sessions have taken place so far.
Commenting on the latest exam results, FASEA CEO Stephen Glenfield said: “FASEA congratulates successful candidates on completing an important component of their education requirements under the Corporations Act.”
