The number of advisers yet to meet the education/experience requirements to keep practising post 31 December has halved since June. Nevertheless, this stills leaves a large number to get across the line according to the FAAA’s review of ASIC records.
Phil Anderson, FAAA’s general manager policy, advocacy and standards, said the organisation has been working closely with ASIC as the deadline approaches.
“We have recently contacted impacted members and licensees about ensuring that ASIC Connect has been updated to reflect qualifications going towards the qualification standard, and to remind qualifying experienced advisers to complete the declaration and have it processed by their licensee,” he said.
The most common issues the FAAA is aware of include:
- Advisers who have not flagged which pathway they intend to use
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Advisers intending to use the experience pathway whose date first provided advice is 1 January 2012 or later/ or who did not pass the Financial Adviser Exam before the cutoff (late October 2022 for most)
- Advisers who flagged they do not intend to use the experience pathway, but whose qualifications do not appear to be sufficient
Anderson says: “Several members who we recently contacted were unaware they might have an issue until they received our email.”
Click here for details on how to update the ASIC register.
