Key Points:
- The Government has released for consultation draft legislation to improve the delivery and accessibility of the financial adviser exam.
- Following the consultation, ASIC will implement changes to the exam.
- The first exam of 2024 will be held on 26 March 2024.
The draft legislation includes amendments that will change the exam to:
- Remove the short answer questions from the exam and increase the number of multiple-choice questions.
- Remove the requirement that only provisional relevant providers and existing advisers can sit the exam.
To allow sufficient time to implement required changes to the exam and ensure all candidates are held to the same standard, the date of the next exam has been revised and will now be held on 26 March 2024.
ASIC will update guidance on its website for financial advisers and AFS licensees about changes to the exam, in line with the Corporations (Relevant Providers—Education and Training Standards) Amendment (2023 Measures No. 1) Determination 2023.
Background
Under the education and training standards for relevant providers outlined in section 921B of the Corporations Act (the Act), the second standard – the exam standard – requires a person to pass an exam administered by ASIC in accordance with the principles approved by the Minister.
ASIC is Australia’s corporate, markets and financial services regulator.