Advisers who book to sit the Australian Securities and Investments Commission (ASIC) financial adviser exam will now be charged a fee of $1,500, according to information recently published by the regulator.
ASIC confirmed the fee — which is up from $973 in 2022 — on its website after opening enrolments for the first exam sitting date of the year scheduled for 16 February.
As previously outlined by the regulator, enrolments for the February Cycle 20 sitting will close on 30 January. ASIC noted that late bookings will not be accepted under any circumstances.
The exam fee had jumped to $973 after ASIC took over responsibility for the adviser exam from the Financial Adviser Standards and Ethics Authority (FASEA) at the beginning of 2022. The fee previously stood at $540.
Four exam sittings have been scheduled by ASIC for this year. Enrolments for Exam Cycle 21 will open on 3 April and close on 21 April with a sitting date of 11 May.
Enrolments for Exam Cycle 22 will open on 3 July and close on 21 July with a sitting date of 10 August, while enrolments for Exam Cycle 23 will open on 2 October and close on 20 October with a sitting date of 9 November.
Only 57 per cent of the 282 candidates who took the most recent exam in November passed, ASIC revealed late last year. A total of 43 per cent of the candidates were resitting the exam for at least the second time, while the remainder were first timers.
To date, 20,309 individual candidates have taken the exam, with over 92 per cent of those receiving a pass. ASIC claimed that this demonstrates that “they have the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam”.
Since 1 October 2022, all financial advisers have been required to pass the exam to continue to provide personal advice.
$1,500 is nothing compared to how lucrative a career in advice is for good advisers. The more it costs, the more seriously it will be taken.
I think $1,500 is far too low should be more like $3,000 so as to help attract more entrants thank you ASIC and keep up the good work! #asicneedsmorefunding
Not surprised with this price gouging, giving ASIC is run by lawyers.
And our representative bodies are MIA as usual.
I paid 3 fees at $594 to ACER.
Will someone not rid us of these meddlesome bunch of zealots
As to our rep bodies, just interested in preserving careers
ASIC continues to show what an incompetent group of bureaucrats are in control of this pathetic government department.
And an exam where there is no transparency or right of appeal.
No right of appeal? You can apply for a remark. I know someone who did and went from fail to pass…
The industry is shambolic. I thought the powers that be want new entrants ?
Fee for no Service ? It’s a special tax to get rid of Advisers by the Gestapo department called ASIC… I paid circa $2,000 last year for a University Subject where I had to submit several assignments for marking and sit exams that required manual marking, plus received online learning and course material with access to lecturers. What’s the fee ASIC to tell what ETF to buy on Tik Tok and provided unlicensed advice ? Zip costs.
As if we don’t pay enough tax already.This is a rort!
You think your taxes go to ASIC?
Standard 7 – Fair & Reasonable Fees and represent value for money……Do we need a similar code for ASIC
Sounds like you would have had no issues passing the exam…
ASIC you are a pack of thieves and plunderers, how do you justify a 200% fee increase in 1.5 years? Does that mean advisers, fund managers and insurers can increase their fees by 200% over 18 months and be justified in doing that?
You are a pathetic bunch of public servants who are completely out of touch with reality in this game!
What a disgusting organisation ASIC is. Just filth. I’m leaving the personal advice space BECAUSE of them – despite a totally unblemished record of more than 15 years. And now you’ve decided to screw the poor remaining souls still hanging in their over even more.
Well done ASIC you grubs; I hope this is the result you were looking for! Crucified 55% of the industry to weed out the 2% that weren’t doing the right thing (just like the 2% that exists in EVERY INDUSTRY) along with over 100,000 clients now being orphaned / disconnected from their adviser as a result of your ludicrous agenda.
What a great regulator…absolute idiots.
‘Grubs’ being the operative word. Perhaps the ACCC might be interested in the price gouge. Wait…another impotent government rabble.
And ASIC will keep justifying their position, no matter what occurs….
Industry is a complete joke, no legislation here with the price.
ASIC should NOT be a profit generating Government body, as it increasingly tries to be.
Disgusting ASIC at it’s worst yet again.
How can you justify charging $1,500 for an exam, this is the same price as a university subject. ASIC is an absolute farce.
Yet another disincentive for prospective new entrants.