FASEA’s education requirement is the most common reason for financial advisers to leave the industry for another career, recent data reveals.

The number of veteran advisers required to complete a full course of study to comply with new standards is low compared to the total adviser pool, according to FASEA.

FASEA has told a parliamentary committee historical CPD often falls short of new standards, which is why it has not been approved by the authority.

Melbourne-based advisers will only be able to sit the FASEA exam remotely as exam centres remain closed for the third time due to COVID-19.

Close to 12,000 advisers have sat the FASEA exam with those doing it for the second time increasing the rate at which they are passing.

FASEA will run six sittings for the 2021 financial adviser exam in 31 locations across metropolitan and regional Australia.

FASEA plans to recognise postgraduate qualifications and historical courses offered by professional bodies under new amendments to its course list.