FASEA scraps 3-month exam wait

In a statement, FASEA said it had made the decision “to provide all financial advisers who have yet to pass the exam, the option to sit the November Exam irrespective of the timing of their last sitting".

“To give effect to this, the Corporations (Relevant Providers Exam Standard) Determination 2019 will be amended to provide relief from the 3 month registration requirement. This amendment will provide financial advisers with two opportunities to sit the exam before the end of the current transition period (being either July and November sittings or September and November sittings),” the standards authority said.

“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.”

The requirement for advisers to wait 90 days before resitting the exam has been a key headache for candidates who have failed being able to resit multiple sessions of the exam in a given year.

FASEA said it would consult with stakeholders prior to the legislative instrument commencing on 14 July.

“This amendment will also provide those impacted by the NSW lockdown with additional future exam options if required. ACER will contact the impacted July candidates to provide alternative options for their July sitting,” the authority said.