FASEA won’t be drawn on final adviser numbers

Responses to questions on notice from the Senate economics committee from FASEA reveal that just 700 of 22,000 advisers on the ASIC register have so far completed their full educational requirements under the new standards, which come into force for existing advisers on 1 January 2026.

WA Liberal senator and economics committee member Slade Brockman asked the authority in a previous hearing whether FASEA was “concerned that only a relatively small percentage of advisers have completed their study to this point”, and how many advisers were expected to complete the new standards by 2026.

“FASEA’s legislative remit under section 921U of the [Corporations] Act is to make legislative instruments to implement the education and training requirements of Section 921B of the act; to approve or refuse to approve foreign qualifications; and to administer the relevant provider exam,” the authority said.

“The decision by existing relevant providers to complete the condition 1 education requirement of the act is an individual choice. FASEA does not have available statistics to allow it to express a view regarding how many relevant providers will choose to meet the conditions required by Section 921B.”

The authority said while numbers of compliant advisers so far were low, the requirements that most existing advisers had yet to complete were not particularly onerous.

“A further 6,000 – 30 per cent – of relevant providers hold an approved degree are only required to complete one ethics bridging course by the end of 2025,” FASEA said.

“Based on information recorded on the FAR, it is estimated over 55 per cent of existing relevant providers are only required to complete up to four units of study by the end of 2025. That is less than one unit per year.

“For comparative purposes, on average, a graduate diploma with eight units would generally take two years to complete on a part-time basis. A full Bachelor degree, not required by FASEA for existing advisers, would have taken three years full time or six years part time.”