ASIC has announced that the first financial adviser exam sitting of 2023 will be held on Thursday, 16 February 2023.
In a statement published on Thursday, the regulator confirmed that enrolments for the February Cycle 20 sitting will open on 10 January and closes on 30 January.
Additionally, sitting dates were confirmed for the remainder of the year, including:
- Exam sitting 21 – Thursday, 11 May (enrolments open from 3 April to 21 April)
- Exam sitting 22 – Thursday, 10 August (enrolments open from 3 July to 21 July)
- Exam sitting 23 – Thursday, 9 November (enrolments open 2 October to 20 October)
Speaking at the FPA Professionals Congress in Sydney last week, ASIC senior executive leader, Leah Sciacca, said that the format of the exam is in the Minister’s remit.
“There is a determination that sets out what that exam format needs to be. It sets out things like what sort of feedback can be provided to candidates sitting the exam,” she said.
“It’s really quite prescriptive, so in terms of any changes being made to the exam, that is a matter for the Minister and the government.”
In September, ASIC revealed that a total of 328 candidates (52 per cent) had passed this year’s July and August financial adviser exam which was sat by 628 who participated.
This sitting was the last opportunity for advisers who were operating under the nine-month exam extension to pass the exam. From 1 October 2022, all financial advisers were required to have passed the exam to continue to provide personal advice.
ASIC had earlier confirmed that anyone eligible for the extension who had not passed in any of the three cycles this year would not be able to provide personal advice from 1 October.
WHAT AN ABSOLUTE DISGRACE YOU ARE ASIC!!!
Reaping tens of thousands out of the pockets of honest, hard working advisers over and over again who are simply doing their best to remain in this industry and service their clients, through this hideously flawed exam.
WHERE does the provider of any exam NOT give the candidate sitting the exam feedback on where they went right or wrong after failing it??? The fact the failure rate started at over 90% this year PROVES what a digusting rort this is you’ve overseeing. I had an unblemished 15 year career with EVERY claim for my clients paid but failed this money making, industry destroying exam twice last year. From what I have heard, I’m one of the lucky ones – other advisers have failed it 4, 5 & 6 times. You oughta be bloody ashamed of yourselves!!
Like thousands of other undeserving advisers, I have now been deregistred as a personal advice adviser because I refused to succumb to this flagitious conduct – and here I see only just over half passed again. Just a disgusting and conflicted organisation.
Totally agree, the exam is definitely flawed.