ASIC issues guidance on financial advisers yet to pass exams

ASIC has confirmed that advisers who have sat the exam at least twice before 1 January 2022 will be eligible for an extension – as recently announced by the government – and have until 1 October 2022 to pass.

However, any financial adviser who does not qualify for the extension must have passed the exam before 1 January 2022 if they wish to continue providing personal advice.

If an adviser not eligible for the extension has not passed the exam by that date, their Australian Financial Services Licence “is required to have revoked their authorisation to provide personal advice to retail clients on relevant financial products on or before 31 December 2021 in order for the adviser to retain their status as an existing provider”.

Any adviser who has lost their status as an existing provider will be treated as a “new” financial adviser and must meet education requirements, including the competition of their professional year.

It comes after ASIC announced on Monday (20 December) that the first sitting of 2022 would be held from 17 February until 21 February 2022.

Enrolments for the first sitting will be open from 10 January 2022 and close on 28 January 2022. The regulator is expected to publish further details about the process for enrolments soon.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.