New Standards Set for Financial Adviser Exam with 67% Pass Rate
New Standards Set for Financial Adviser Exam with 67% Pass Rate
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
The Australian Securities and Investments Commission (ASIC) has recently released the results of the latest Financial Adviser Exam in February with a pass rate of 67%.
This exam sets new standards for financial advisers, ensuring they have the necessary skills to apply their knowledge of advice construction, ethics and legal requirements to practical scenarios.
The results show that 128 out of 192 candidates passed the exam, with 60% of candidates taking it for the first time. As of now, 20,425 individual candidates have sat the exam, with a 93% overall pass rate. Individuals who have passed the exam demonstrate the ability to provide competent and ethical advice to clients and have a comprehensive understanding of regulatory and compliance requirements.
Implications of the New Exam Standards
The new exam standards set by ASIC aim to ensure that financial advisers provide high-quality advice to clients. Over 15,850 current financial advisers on ASIC's Financial Adviser Register (FAR) have passed the exam, representing 99% of current advisers on the FAR. This indicates that most existing financial advisers meet the new standards, as will future advisers seeking to join the FAR.
Over 2,840 ceased advisers on the FAR may be re-authorised in the future if they choose to meet the new exam standards. With the increased emphasis on competency and ethics, advisers who were previously authorised may not have met the new standards and could be subject to review or disciplinary action. This ensures that individuals seeking financial advice receive high-quality, ethical advice from advisers who meet scientific standards.
What the Exam Covers
The Financial Adviser Exam covers a range of curriculum areas, including advice construction, ethics and legal requirements, and practical applications of advice. The exam is designed to test an individual's practical application of their understanding of these areas to real-world scenarios.
Candidates receive general feedback from ACER if they are unsuccessful. This feedback highlights the curriculum areas where the candidate has underperformed, allowing them to focus on those areas in future studies or training. The exam sets new standards for financial advisers that ensure they provide high-quality investment advice.
Conclusion
The Financial Adviser Exam sets new standards for financial advisers to ensure they have the necessary skills to provide clients with high-quality advice. With 67% of candidates passing the exam, the results show that financial advisers are up to the task. These new standards ensure that individuals seeking financial advice receive high-quality, ethical advice from advisers who meet the scientific standards set out by ASIC.
Published:Thursday, 30th Mar 2023 Source: Paige Estritori
Please Note: If this information affects you, seek advice from a licensed professional.
In a significant achievement, IMB Bank has been named Australia's Best Personal Loan lender for 2026 by Mozo, a leading financial comparison platform. This marks the second consecutive year that IMB Bank has secured this prestigious title, underscoring its consistent commitment to providing exceptional value in personal lending. - read more
The Australian Prudential Regulation Authority (APRA) has announced a significant policy change aimed at mitigating risks associated with high debt-to-income (DTI) mortgage lending. Effective from 1 February 2026, APRA will enforce a cap, limiting banks to allocating no more than 20% of new mortgages to borrowers whose total debt exceeds six times their income. - read more
In the September quarter of 2025, investor lending in Australia reached an unprecedented $72 billion, marking a significant 12% increase from the previous quarter. This surge reflects a growing appetite among investors for property acquisitions, driven by favorable market conditions and competitive lending rates. - read more
In the dynamic landscape of Australian finance, the emphasis on a robust credit score cannot be overstated. A favourable credit score serves as a gatekeeper to a world of financial opportunities, determining the ease with which individuals can access loans, the interest rates they will be eligible for, and even the prospects of securing a home in an ever-competitive market. As the average mortgage sizes surge to unparalleled heights, the significance of maintaining an advantageous credit profile escalates in tandem. - read more
In today's financial climate, many Australians find themselves exploring options to manage and optimise their financial commitments. One option gaining popularity is loan refinancing. But what exactly is loan refinancing, and how can it benefit you, especially without negatively impacting your credit score? - read more
Maintaining a good credit score is crucial for financial health. In Australia, a solid credit score can unlock better interest rates, higher credit limits, and improve your chances of loan approval. - read more
Need Help Finding a Loan?
Find out now if you qualify and compare
rates, offers and options from multiple lenders - without a credit check!
All finance quotes are provided free (via our secure server) and without obligation. We respect
your
privacy.
Knowledgebase
Loan-to-Value Ratio (LTV): A ratio that compares the value of the loan to the market value of the property securing the loan.
