As part of the new professional standards for financial advisers, all advisers are required to pass an exam set by the Financial Adviser Standards and Ethics Authority (FASEA) by 1 January 2021. New entrants are required to pass the exam before they commence Quarter 3 of their professional year.
Financial advisers and new entrants are now able to register for the exam for the first round of exam sittings taking place between 20 June and 24 June 2019, up until 5pm on 31 May.
The exam will be held across Australia in nine locations including Sydney, Canberra, Brisbane, Townsville, Melbourne, Adelaide, Perth, Darwin and Hobart, FASEA said in a public statement.
Subsequent exam sittings in 2019 will be in September and December. There will also be exam sittings held in 2020 during February, April, June, August, October and December.
FASEA reminded advisers that the exam will test the practical application of knowledge across three areas including financial advice regulatory and legal requirements, financial advice construction, and applied ethical and professional reasoning and communication.
“To be eligible to register for the exam, you will need to meet the eligibility criteria, which requires you to have either registered as a new entrant with FASEA or be an existing adviser registered on ASIC’s Financial Adviser Register,” it said.
The second round of exam sittings will occur between 19 and 23 September this year. Advisers will be able to register for the second round between 12 August and 30 August this year.
