Over 12,573 advisers have sat the adviser exam with 9 in 10 demonstrating they have the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam, according to a statement issued by the Financial Adviser Standards and Ethics Authority (FASEA).
To date, 11,241 advisers have passed the adviser exams, representing 52% of advisers on ASIC’s Financial Adviser Register.

The other half (48%) have to pass the exam by the end of this year to be able to continue to provide financial advice.

Last month, the government announced that ASIC’s Financial Services and Credit Panel (FSCP) will have its role expanded to incorporate advice disciplinary functions as well as take over from FASEA to administer the adviser exam and oversee the education qualifications process.




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