Speaking at the FPA Professionals Congress in Sydney on Wednesday, ASIC senior executive leader, Leah Sciacca, said the regulator would release the dates for next year’s exam as early as next week.
“We’ll be releasing next year’s dates imminently. They’re just being finalised at this stage so, hopefully, next week we’ll be able to release those,” Ms Sciacca said.
Touching on the format of the exam, she explained that it 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. 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,” Ms Sciacca said.
In September, ASIC revealed that a total of 328 candidates (52 per cent) had passed the July and August financial adviser exam of the 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.
I think it is a tragedy that 300 advisers cannot continue their careers due to an exam created by those outside our profession and also much later in their lives. I really feel for them. It encouraged me to make a change in my role after 50 years of giving good advice.
Yes – seems only Financial Planners get banned.