22 September 2021
ob体育 has provided new information for financial advisers, who practised before 1 January 2019, on their obligation to pass the Financial Advisers Exam.
Following the introduction of the Professional Standards Reforms in 2017, all financial advisers are required to pass the exam in order to continue being authorised to provide personal advice to retail clients on 'relevant financial products' (i.e. financial products other than basic banking and general insurance products, and consumer credit insurance). However, advisers who practised before 1 January 2019 ('existing providers'), have the benefit of special transitional arrangements.
Under the transitional arrangements, 鈥榚xisting providers鈥� have until 1 January 2022 to pass the exam. However, on 24 June 2021, to 30 September 2022 for 鈥榚xisting providers鈥� who have attempted the exam twice before 1 January 2022.
础厂滨颁鈥檚 Information Sheet 260: FAQs: Timeframe for passing the financial adviser exam explains the exam obligation for 鈥榚xisting providers鈥�, and the possible outcomes of not passing the exam within the required timeframe. It also provides information on the Government's proposal to extend the cut-off date for some existing providers.聽
Read Information Sheet 260: FAQs: Timeframe for passing the financial adviser exam