Financial advisers will be able to resit the last financial adviser exam in November irrespective of when they have previously sat for the exam, effectively providing all advisers with two opportunities to pass before the end of the year.
The Financial Adviser Standards and Ethics Authority (FASEA) announced today that it had removed the three-month registration requirement and all advisers who had yet to pass the exam would now have two opportunities to do so, either by sitting the exam in July and November or September and November.
FASEA stated the Corporations (Relevant Providers Exam Standard) Determination 2019 would be amended to provide relief from the three-month registration requirement.
“This amendment will allow all candidates who have been unsuccessful at any prior sitting to sit the November exam, which will be offered via remote proctoring and at exam venues, subject to COVID protocols,” it said.
“This amendment will also provide those impacted by the NSW lockdown with additional future exam options if required. [Exam administrator] ACER will contact the impacted July candidates to provide alternative options for their July sitting.”
The proposed amendment to the legislative instrument will require FASEA to consult with stakeholders, which will take place from 14 July.
The removal of the three-month registration requirement follows a recent announcement from the government that financial advisers who had sat two exams and had not passed would be offered a one-off third sitting before September 2022, despite the Corporations Act requiring advisers to pass the exam by 31 December 2021.
FASEA also recently announced around 70 per cent of advisers had passed the May sitting of the exam and that in total around 75 per cent of registered advisers had passed since exams commenced in June 2019.
