2,990 advisers capable of re-authorisation

Mike Taylor

Managing Editor and Publisher

19 June 2023

New Australian Securities and Investments Commission (ASIC) analysis around the financial advisers exam has identified a pool of 2,990 advisers who have passed but are not on the Financial Adviser Register.

The regulator has made the point that the advisers in this pool are entitled to return the register under re-authorisation in the future.

Sixty-three per cent of candidates passed the May financial advisers exam, 74% of whom were sitting the exam for the first time, according to the Australian Securities and Investments Commission (ASIC).

The regulator said that 195 candidates sat the May exam, bringing to 20,750 people who have now sat the exam.

According to the ASIC analysis, over 19,020 (92%) of candidates who have sat the exam have passed, “demonstrating they have the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam”.

It said that of those who have passed:

• Over 15,810 are recorded as current financial advisers on ASIC’s Financial Adviser Register (FAR).
• Over 2,990 are ceased advisers on the FAR and may be re-authorised in the future.
• Over 950 passed while completing their professional year of work and training.