The AFA has reassured its members the intended extensions to the time-frames for advisers to undertake the FASEA exam and complete its new minimum education standards will pass the Senate this year.
In a video message to members before the Easter break, AFA CEO, Phil Kewin, said he had received confirmation from Government contacts that the legislation for the extensions, which has already passed the House of Representatives, will be passed by the Senate this year (see: FASEA Extensions Confirmed).
Kewin noted he had also been in contact with the office of the Opposition Shadow Minister for Financial Services, Senator Stephen Jones, which advised him Labor will support the extensions Bill when it is brought before the Senate.
Once the new requirements have been legislated, advisers who were registered on ASIC’s Financial Adviser Register on 1 January 2019 will now be required to:
- Complete the FASEA-approved adviser exam by 1 January 2022
- Meet FASEA’s minimum qualification requirements by 1 January 2026
Previously, advisers were only given until 1 January 2021 to pass the exam and until 1 January 2024 to meet the minimum education standards. This means advisers have one extra year to pass the exam and two extra years to complete their required studies.