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1. What is the required timeframe for passing the exam?

If you are an 鈥榚xisting provider鈥� (see聽Question 2) who was on the financial advisers register聽(i.e. you were authorised to provide personal advice to retail clients on relevant financial products), generally you must have passed the exam by 1 January 2022 to continue to provide personal advice to retail clients.

However, the聽聽provided a nine-month extension for 鈥榚xisting providers鈥� who sat the exam at least twice before 1 January 2022 (for further detail, see聽Question 4).

From 1 October 2022, you must have passed the exam to continue to provide personal advice to retail clients.

2. Who is an 'existing provider' and who is a 'relevant provider'?

Two key terms under the professional standards reforms are 'existing provider' and 'relevant provider': see Table 1. These terms are defined in the聽Corporations Act 2001聽(Corporations Act) and on our Definitions that apply to personal advice providers.

A person can be either an 鈥榚xisting provider鈥� or a 鈥榬elevant provider鈥�, or both.

Table 1: Who is an existing provider and who is a relevant provider?

3. I am an 鈥榚xisting provider鈥�, what happened if I did not pass the exam by 1 January 2022?

Table 2 gives some example outcomes for 鈥榚xisting providers鈥� who did not pass the exam by 1 January 2022. See Applying the professional standards for more information.

Table 2 gives some example outcomes for existing providers of passing or not passing the exam by 1 January 2022.

Table 2: Outcomes related to completing the exam for existing providers

Example scenarios

4. I am an 鈥榚xisting provider鈥� and I sat the exam at least twice before 1 January 2022. What will happen if I do not pass the exam by 1 October 2022?

鈥楨xisting providers鈥� who sat the exam at least twice before 1 January 2022had until 1 October 2022 to pass the exam: see聽Question 1.

Table 3 gives some example outcomes for 鈥榚xisting providers鈥� who sat the exam at least twice before 1 January 2022, and therefore had until 1 October 2022 to pass the exam. See Applying the professional standards for more information.

Table 3: Outcomes related to 鈥榚xisting providers鈥� who sat the exam twice before 1 January 2022

5. How do the education and training standards apply to a person training to become a relevant provider?

The professional standards require any person who wishes to be authorised as a relevant provider to meet specific education and training requirements, namely to:

• hold a qualification approved by the Minister (degree standard)
• pass the exam
• participate in 40 hours of continuing professional development (CPD) each year
• complete a full-time professional year that includes at least 100 hours of structured training.

The professional standards聽also聽require any person who wishes to be authorised as a relevant provider to comply with the聽Financial Planners and Advisers Code of Ethics 2019. The Code is a set of principles and core values in the areas of ethical behaviour, client care, quality process and professional commitment.