{"id":69170,"date":"2023-12-18T10:43:50","date_gmt":"2023-12-18T00:43:50","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=69170"},"modified":"2024-01-09T12:37:21","modified_gmt":"2024-01-09T02:37:21","slug":"consultation-on-changes-to-financial-adviser-exam","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/12\/18\/consultation-on-changes-to-financial-adviser-exam\/","title":{"rendered":"Consultation on Changes to Financial Adviser Exam"},"content":{"rendered":"<p>Draft legislation addressing the delivery and accessibility of the financial adviser exam has been released by <a href=\"https:\/\/treasury.gov.au\/consultation\/c2023-474880\" target=\"_blank\" rel=\"noopener\">Treasury for consultation<\/a>.<\/p>\n<p>Treasury says that the Government is committed \u201c\u2026to ensuring the exam remains a pillar of the financial adviser professional standards.\u201d<\/p>\n<p>The draft legislation includes amendments that will:<\/p>\n<ul>\n<li>Remove the short answer questions from the exam and increase the number of multiple-choice questions<\/li>\n<li>Remove the requirement that only provisional relevant providers and existing advisers can sit the exam<\/li>\n<\/ul>\n<p>Treasury\u2019s <a href=\"https:\/\/treasury.gov.au\/sites\/default\/files\/2023-12\/c2023-474880-explanatory-statement.pdf\" target=\"_blank\" rel=\"noopener\">Exposure Draft Explanatory Statement<\/a> on the draft legislation says it amends the exam principles in the Determination &#8220;&#8230;to improve efficiency of, and timely access to, the exam.&#8221;<\/p>\n<p>The statement says that exams based on multiple choice questions create efficiencies by enabling computer marking to replace manual marking.<\/p>\n<p>\u201cThis reduces the cost of administering exams and improves response times for exam candidates to receive their results.\u201d<\/p>\n<blockquote><p>&#8230;the current exam eligibility criteria, which restricts access to the exam based on the person having already met the qualifications standard, is causing unnecessary delays for new entrants&#8230;<\/p><\/blockquote>\n<p>It notes too that the current exam eligibility criteria, which restricts access to the exam based on the person having already met the qualifications standard, is causing unnecessary delays for new entrants seeking to enter the profession.<\/p>\n<p>\u201cRemoving this restriction provides flexibility for candidates to sit the exam at an appropriate time. For example, potential new entrants could sit the exam while they are completing their studies. This also improves timely access to the exam by reducing bottlenecks and potential delays associated with conducting eligibility assessments for each exam candidate prior to each exam.\u201d<\/p>\n<p>The statement adds that all relevant providers are still required to meet the qualifications standard (i.e. the first standard) in addition to meeting the exam standard (i.e. the second standard) in order to provide personal advice to retail clients.<\/p>\n<p>Responses to the consultation on the draft legislation close on 10 January 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Draft legislation addressing the delivery and accessibility of the financial adviser exam has been released by Treasury for consultation. Treasury says that the Government is committed \u201c\u2026to ensuring the exam remains a pillar of the financial adviser professional standards.\u201d The draft legislation includes amendments that will: Remove the short answer questions from the exam and [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":69173,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,8282],"tags":[],"class_list":{"0":"post-69170","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-regulation","8":"category-government"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/69170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=69170"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/69170\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/69173"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=69170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=69170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=69170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}