ASIC FAQ on FASEA exam timeframes and Better Advice Bill regulations
AFA News 8 October 2021. On 22 September 2021, ASIC issued Info Sheet 260 on the Timeframe for passing the financial adviser exam. This Info Sheet addresses a number of questions including the Government’s proposed extension of the exam deadline to 30 September 2022 for those existing advisers who have had at least two attempts at the exam by 31 December 2021, and those advisers who are taking a career break as at 31 December 2021.
In the case of someone who is an existing adviser (as defined by being on the Financial Adviser Register (FAR) between 1 January 2016 and 1 January 2019), when they are not on the FAR as at 31 December 2021, they will still be treated as an existing adviser, but not allowed to be re-registered on the FAR until they have completed the FASEA exam. This is applicable even if they have not had two attempts at the exam. Under the Government proposal for an extension to 30 September 2022, those existing advisers who have had at least two attempts by 31 December 2021, would be able to continue to practice through until 30 September 2022.
Click here for the ASIC Information Sheet 260.
Better Advice Regulations
On 29 September 2021, the Government issued draft regulations related to the Better Advice Bill. These draft regulations address a number of matters connected to the Single Disciplinary Body establishment and the FASEA Exam extension including:
- setting the criteria for when ASIC must refer matters to the single disciplinary body;
- specifying the administrative sanctions made against a financial adviser that must be included on the Financial Advisers Register;
- extending the deadline to complete the financial adviser exam to 30 September 2022 for financial advisers who have attempted the exam twice before 31 December 2021;
- proposing new fees for the financial adviser exam and registration of financial advisers from 1 January 2022; and
- outlining the registration, education and training requirements for financial advisers providing tax (financial) advice services.
Consultation on these draft regulations is open until 15 October 2021.
If you have any feedback on these draft regulations, please email email@example.com
Issued 08.10.2021. AFA Policy & Education Update