Almost 900 advisers qualify for exam extension

As noted by the Association of Financial Advisers (AFA), ASIC has confirmed that 882 advisers, who had attempted the exam at least twice before the end of 2021, have qualified for an extension until 30 September 2022.

“This is a group of advisers who we will be focused on in 2022, as we look to support them to pass the exam before the deadline,” the AFA said in a statement.

“We call on all advisers to assist this group in whatever way they can.”

Following questioning by Queensland Nationals Senator Susan McDonald during a Senate Estimates hearing in February, ASIC has also provided a split of advisers in Australia by age as of 24 February.

The statistics come as the corporate regulator undertakes a review of the Financial Adviser Register (FAR) to ensure all advisers who did not pass the exam by 31 December 2021 and did not qualify for the extension have been updated to a “ceased” status.

ASIC revealed late last month that just over 30 per cent of candidates passed the February exam, with 73 per cent resitting the exam for at least the second time.

The next exams are set to go ahead between Thursday, 12 May and Monday, 16 May. Enrolment is open now and closes on Tuesday, 26 April.

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.